Do you know whom you are doing business with? In today’s marketplace, insurers are relying on an ever-increasing number of third parties for essential business functions. This opens the organization to greater risk levels than ever before. In addition, regulators such as OIG, OCC, FFIEC, CFPB and others are increasing their focus on third-party risks. These regulators want insurance companies to identify potential third party risks, verify third parties you do business with are compliant and monitor changes that can create new risks. The Quantivate Vendor and Third Party Management solution helps insurance companies meet these critical requirements.
With Quantivate Vendor and Third Party Management software, you can manage all your vendor information, such as contact information, financials, contracts, and insurance certificates, in one easy to manage the web-based application. The system also provides comprehensive on-time notifications of critical expiration and due dates.
Quantivate Vendor and Third Party Management is a powerful solution that gives you the ability to quickly perform due diligence and score your vendors on multiple variables to auto-calculate and determine the overall risk breakdown of each vendor.
Quantivate Third Party Management’s customizable dashboard interface gives you at-a-glance information and easy accessibility to important vendor information. Through this dashboard interface, you can access reports, your vendor document library, and other essential vendor information. Plus, the system’s unique Vendor Management Program Snapshot gives at-a-glance information, in easy to read charts for where each vendor sits in the Third Party Management Process and the classification and risk breakdown of third party vendors.
Quantivate Third Party Management software’s robust reporting capabilities give clear visibility into high-risk vendor relationships, the status of vendor assessments, and your organization’s overall risk exposure. Complete audit-ready predefined report templates are available for quick no-hassle reporting, including SOC reports. In addition, reports can be customized to fit your specific business needs. Reports include:
Quantivate Third Party Management software allows your organization to implement industry best practices for efficient audits, and ensure tight integration of the internal audit process with other Quantivate GRC Software modules; including Internal Audit, Business Continuity, Enterprise Risk Management, IT GRC, and Regulatory Compliance Manager. No time consuming or costly integration programming is required to gain access to all the risk, compliance, and business continuity data required for your audit processes.