Driving an Effective Third-Party Governance & Risk Management Program Leveraging Artificial Intelligence

Join SIG’s upcoming 12-Week Proof of Concept Transformation Workshop on TPGRM in partnership with ENGAIZ

Organizations increasingly depend on third-party service providers to meet the digital age challenges of technological innovation and heightened competition leading to inadequate governance, increased third-party risks and inability to realize the intended benefits of outsourcing. A report from Ponemon Institute suggests that 60% of security breaches involve a third-party and in today's digital age, no organization can thrive on its own.

ENGAIZ has built an AI-Driven Integrated Platform to help enterprises mitigate third-party risks such as cybersecurity, data privacy, regulatory, financial, performance, resiliency, infrastructure, legal, geographic risks through an effective governance and engagement framework.

The company’s philosophy revolves around the need to build lasting relationships with third parties to help enterprise organizations meet the digital age challenges of innovation, competitive edge, enhanced customer experience, improved efficiencies and cost control while mitigating the risks of engaging third-party providers.

 

Engaiz Partnership

A Unique Opportunity to Stay-Ahead and Strengthen your Organization's Third-Party Risk Posture in the World of "New Normal" Study

Sourcing Industry Group (SIG) and SIG University in partnership with ENGAIZ are launching a 12-Week Proof of Concept Transformation Workshop to:

  • Help organizations quickly assess and fast-track the maturity of their Third-Party Governance and Risk Management program
  • Help structure an implementation roadmap by assessing current state, identifying gaps and recommending a target operating model
  • Help address specific challenges faced by participating organizations by providing specialized expert consulting and one-on-one advice from leading industry experts

 

Shift to a "Shared Risk & Value" Focus

Digitally transforming organizations are shifting from pure ‘Cost’ focus to a cost plus ‘Shared Risk’ & ‘Value’ focus when engaging with strategic third-party vendors.

This paradigm shift requires an Integrated Platform driven by Artificial Intelligence (AI) that combines Vendor Relationship & Engagement with strong Risk Management.

We strive to create true value and help Enterprises meet business objectives by effectively engaging, managing risks and governing third-party vendors.

Our core objectives:

  • Strengthen Relationships
  • Mitigate Risk
  • Control Cost
  • Drive Performance
  • Ignite Innovation

 

Third-Party Governance & Risk Management Program

A new ‘mind-set’ and ‘technology-set’ is needed to bring in subjectivity and objectivity when dealing with Third-Party Relationships. We call this ‘The Art & Science of Engagement’.

Our AI-Driven Integrated Third-Party Engagement Platform keeps both Enterprise Organizations and Third-Parties / Vendor Partners in mind.

Third-Party Governance & Relationship Management
  • Vendor Management Office (VMO)
    Governance and Relationship Management, Policies & Procedures, Cadence, Periodic Reviews & Monitoring, VMO Tools.
  • Contract Management
    Authoring, Secure Editing and Collaboration, Digital Signatures, track major milestones. It leverages AI/ NLP for Intelligent Contract Analysis and exposes Contractual Control Risks.
  • Performance Management
    Performance Insights, Performance Scorecards, KPIs/SLAs, Customer Satisfaction (CSAT) surveys.
  • Financial Management
    Spend Analysis, Invoice Analysis, Rate Card analysis and Cost Savings.
  • Innovation Hub
    An Enterprise Crowdsourcing module that allows enterprises to launch and manage ideation and innovation.
Third-Party Risk Management
  • Automated Risk Assessments
    Fully customizable assessment frameworks, inherent risk scoring mechanisms.
  • Controls Assessment
    Fully customizable framework to map controls to various inherent risk dimensions, assess control effectiveness, residual risk scoring mechanism.
  • Continuous Risk Monitoring
    Cyber Security, Financial Health, PEP, Sanctions, Adverse Media, Country and Reputation.
  • Reports & Dashboards
    Standard Reports and Dashboards for senior management, regulators.
Strategic Customer Engagement
  • Secure vendor portal to deliver enhanced customer engagement and account management
  • Move from Vendor to a Trusted Partner
  • Gain Insights through a 360-degree view of customer account

 

Technology Spotlight Report

IDC believes that ENGAIZ with its AI-driven “Integrated Third-Party Engagement Platform,” will be able to address many of the third-party governance, relationship and risk management challenges, giving it a significant opportunity to help organizations drive excellence and innovation with their strategic relationships. For more details, read the IDC Technology Spotlight Report on ENGAIZ.