Enlighta TPRM

Intelligent Third-Party Risk Management

Continuously and collaboratively find and mitigate third-party risk with a streamlined platform powered by AI.

Collaboratively Identify, Assess, and Mitigate Third-Party Risk

Enlighta unifies and streamlines risk assessments, due diligence, ongoing compliance, monitoring,
and remediation initiatives across the third-party lifecycle.

Enlighta TPRM supports initial risk assessment of prospective third parties, automation of due-diligence questionnaires to internal stakeholder groups & third parties, internal compliance quality assessments, detailed contract compliance monitoring, and reporting of risk via risk scorecards. Enlighta TPRM makes it easy for regulated entities to roll out and adapt an effective TPRM program across 1000s of third parties.

Enlighta benefits Third-Party Risk Management

Out of box TPRM functions that can be easily adapted

Risk Scoring & Auditable Due-Diligence Assessments Across multiple dimensions

Evaluate and Select Third-Parties

  • Capture existing and prospective Vendor capabilities across technology, domain and process areas.
  • Design and launch RFx questionnaires and automate the vendor data collection and evaluation process using Enlighta Procure
  • Compare and short-list vendors considering technical, commercial, and other factors.

Third-Party Due Diligence

  • Identify risk areas using initial risk assessments to determine confidential or PII data risk, operations risk, country risk, concentration risk and calculate the initial risk score to segment vendors based on criticality and determine applicable due-diligence assessments.
  • Identify and assess vendor risk across InfoSec, technology, operations, ABAC, financials, and other evolving risk domains by launching built-in and customizable due diligence questionnaires (DDQs).
  • Mitigate compliance and reputational risks by screening vendors for PEPs, AML/CTF Compliance, and sanctions against global watchlists.. 
  • Centralize risk management by defining control points, collecting and analyzing assessments and evidence, updating risk scores, and collaboratively creating and implementing risk mitigation plans.

Third-Party Onboarding

  • Enrich vendor profiles with critical company data, market trends, ESG ratings, and news updates. Capture 4th and 5th parties and integrate with leading external data sources of your choice for 360° visibility into each vendor.
  • Automate the process of collecting information and documents from vendors and benefit from AI-driven review and validation of documents. 
  • Support vendor self-service  updates of  information such as Vendor Contacts.
  • Automate back-end activities to support vendor onboarding such as Web APIs to create tickets for assets or licenses to Vendor users.

Contract Risk Mitigation

  • Auto-generate watertight contracts using built-in contract templates and pre-approved clause library. 
  • Securely store and manage all contracts in a central, searchable, access-protected repository.
  • Effortlessly extract key contract details like SLAs and KPIs, deliverables and obligations, expiry and renewal dates and more with AI-powered extraction.
  • Eliminate delays in contract finalization by automating collaborative review and approval workflows. 
  • Track changes to contracts and automatically update impacted elements.
  • Avoid risk of non-compliance by setting up contract expiry and renewal reminders for relevant stakeholders.

Adverse Events Monitoring

  • Proactively identify and mitigate operational, financial, and reputational risk with real-time adverse events monitoring.
  • Discover critical information related to your vendors via an extensive intelligence network encompassing trusted news sources out-of-the-box and configurable to include 10,000+ data feeds.
  • Make informed decisions faster with AI-powered adverse event classification (e.g., legal issues, data breaches, financial troubles) impacting your vendors.
  • Easily track and analyze all historical adverse events by vendor, publication date, and event details for comprehensive risk assessment and trend identification.
  • Receive email notifications for any adverse events mentioned in the news cycle to proactively mitigate risks.

Audits and Compliance Controls

  • Track and schedule operational, financial, security audits and track and resolve audit findings collaboratively with vendors. 
  • Design and launch compliance assessments to monitor internal compliance to processes and policies.

Vendor Portfolio Risk Management

  • Annual Segmentation of Vendors: Perform annual segmentation of vendors taking into account changes in vendor spend, concentration, new contracts and more. 
  • Risk Scorecards: Generate and compare Risk Scorecards across vendors using internal and external risk indicators.

Ongoing Governance and Relationship Management

  • Continuously reduce value leakage and optimize supplier relationships with Enlighta Govern. 
  • Mitigate financial and operational risk by capturing actual and forecasted vendor spend by month or year. Analyze vendor spend by various dimensions like category, cost center, and sector.
  • Monitor Vendor performance to contractual SLAs and KPIs. 
  • Create, assign, resolve, and analyze all vendor-related issues on a single platform, fostering collaboration and transparency between stakeholders and suppliers.
  • Regularly assess the health of your strategic supplier relationships through automated and configurable surveys, gathering valuable feedback on various dimensions like alignment, performance, risk, compliance, quality, capabilities, and ESG. 
  • Schedule and conduct business reviews at regular intervals (monthly, quarterly, etc.) to maintain open communication, capture actionable insights, and ensure ongoing relationship success, contributing to improved overall vendor performance and reduced long-term risks.

Enlighta TPRM Benefits

Improved Risk Mitigation
and Compliance

Stronger Vendor

Optimized Spend
and Performance

Introducing Enlighta Spice - TPRM and Vendor Management SaaS Solution!Try Spice For Free