Diligent's Third-Party Risk Management solution is a comprehensive platform designed to help organizations effectively assess, monitor, and mitigate risks associated with their vendors and partners. By centralizing third-party data and automating compliance processes, it enables businesses to maintain operational resilience and adhere to regulatory requirements. Key Features and Functionality: - Centralized Vendor Oversight: Maintain a unified repository of all third-party relationships, facilitating integrated risk management and streamlined workflows. - Automated Onboarding and Classification: Enhance compliance and accountability by automating risk assessments for both new and existing vendors, reducing processing times and improving efficiency. - Real-Time Risk Monitoring: Utilize AI-driven reports to consolidate data from global sanctions lists, politically exposed persons databases, and adverse media sources, providing a holistic view of third-party risks. - Comprehensive Risk Coverage: Access real-time data from millions of global sources, including sanctions lists, PEPs, state-owned enterprises, and negative media, ensuring thorough third-party risk evaluations. - Flexible Risk Assessment: Automatically assess low-risk entities with the option to escalate high-risk cases for in-depth investigation, allowing for efficient resource allocation. - Seamless Integration: Fully integrates with Diligent’s Third-Party Risk Management platform, enabling streamlined workflows and enhanced collaboration across governance, audit, risk, and compliance functions. Primary Value and Problem Solved: Diligent's Third-Party Risk Management solution addresses the complexities of managing third-party relationships by providing a scalable and automated approach to risk assessment and compliance. It empowers organizations to proactively identify and mitigate potential threats, protect their reputation, and build stronger, more reliable partnerships. By reducing manual intervention and offering real-time insights, the platform enables faster decision-making, better compliance outcomes, and more robust risk management practices.