Here are some of the new features we have incorporated into our platform at Certa:
Managing your third-party network is a multi-layered process that requires efforts across different functional groups; these include procurement, compliance, legal, finance, suppliers, or business users.
Though you can easily automate and streamline your processes using Certa, but the complexity associated with them is inevitable. With such long-running processes, it becomes difficult to figure out what needs your attention.
- Isn't it exhausting for your team when they go through every ongoing request to figure out their tasks?
- Will it make your life easier if you don't have to check the risk score of every supplier type individually?
- Wouldn't it be more productive if your legal team could jump directly into their tasks without being distracted by a business users tasks?
Certa's third-party risk management application is used by different functions with one objective- having an effective way to manage your third-party lifecycle. To reduce the pain in finding tasks relevant to your role, we are providing the feature of a personalized homepage which will enable you to see the summary of all pertinent suppliers instantly. Each functional group will be able to view a consolidated risk summary of each supplier, equipped with risk scores, red flags, and notifications that is relevant to you.
This feature makes Certa's goal pretty clear: to find ways to superpower your teams into getting more done- ensuring you can spend more time on your business.
Third-Party Risk Ranking
Risk ranking is a due diligence process used to identify and quantify the level of risk posed by third party suppliers and vendors. Every third party management program has various functional stages in order to provide a comprehensive solution; risk ranking is one such aspect that lays the foundations for the rest of the process- one that Certa ensures.
The process begins with identifying the potential risks associated with third parties; these risks can be geographical, financial, strategic or operational. To do this, organizations must create a set of criteria based on key control indicators that specifically recognize risk exposure relevant to their organization. This is representative of a distinctive risk tolerance comprised of the unique risks that an organization feels are critical, and those risks that they are willing to undergo in pursuit of their goals.
Certa has a score-driven and quantitive approach to identify this risk tolerance which results in precision and accuracy for our clients. This includes an automated process of questionnaires based on internal organizational preferences. Ranking can occur across data, within specific regions or even business units. Once the process of defining the assessment criteria is complete, each vendor and supplier can be ranked against that determined criteria.
Certa allows you to choose your pattern from three global ranking methodologies- stack, repeat or rank. This ensures organizational focus towards high-risk vendors which can result in the prevention of fines and penalties, setting appropriate expectations and guidelines for third-party processes, and implementing appropriate oversight levels of due diligence.
Workflow Progress Roadmap
Vendor on-boarding workflows incorporate multiple steps, that require various functional departments to work together. Even though every department has distinctive actionable items, that are solely made visible to them, they all hold a stake in the overall progress of the workflow.
Considering all the steps are interdependent on one another, Certa’s workflow progress roadmap promotes complete transparency between all the various stakeholders, without compromising on confidentiality. While each stage is inaccessible to irrelevant parties, the status of every step towards the vendor on-boarding process is still made visible.