Third party risk management software - Third Party Management - Synergi Life

Our third party risk management software solution helps you secure transparency, sustainability and quality in your supply chain

Third party risk management software

The benefits of outsourcing and sharing the value chain often represent a significant risk of third party incidents with severe impact on quality and your company’s integrity and reputation. The Synergi Life Third Party Management software module is designed to help companies identify, qualify and manage third parties in a systematic, consistent and transparent way. By using third party risk management software, a number of efficiency gains will be delivered for sustainable and predictable operations.

In a supplier selection process, this might start by screening potential suppliers, ending up with a smaller set of approved suppliers. In a globalized value chain, risk profile and exposure will vary depending on geographical, geopolitical and cultural dimensions as well as historical performance of the supplier. Not all suppliers have to go through the same level of screening to receive status as an approved supplier. In some cases, signing a supplier code of conduct document is sufficient, in more complex cases that might be supplemented with self-assessment screenings, detailed audits and inspections and committed follow-up and improvement plans.

Benefits of third party risk management solutions and tools

• The third party risk management software tool in Synergi Life is part of a data smart approach for implementing and managing governance and escalation frameworks for third party risk management
• A comprehensive third party risk management software solution for managing suppliers, vendors, contractors and other third parties
• A complete and user-friendly data inventory of all third parties
• Third party risk mangement tools such as aAutomated data collection, categorization and risk profiling
• Easy delegation and allocation of responsibility for follow-up and detailed investigations
• Simple storing of third party contracts and agreements in one common database
• Risk profile and historical performance of all suppliers and other third parties
• Easy identification of risk behaviour and alert mechanisms to trigger actions
• User-friendly solution with detailed dashboards, aggregation and analysis
• Clear, actionable third party profiles with automated workflow to implement mitigations
• A complete overview of third party non-conformances, incidents, losses, audits, inspections and self-assessments