Third-Party Risk Management
Managing third-party risk is an ongoing process focused on prevention rather than reaction
Supplier
Contractor
Vendor
Community
Stakeholder
Label it however you like, but your business interacts with other businesses in some capacity, daily; whether you purchase goods or services from a supplier or vendor, or staff contractors to work on your project, mine or manufacturing facility.
All these scenarios mean that you need to have a proper third-party risk management approach and solution to monitor not only the performance of suppliers, vendors, and contractors, but also how you are engaging with and impacting these organizations (positively or negatively) these organizations and communities.
Centered around the Stakeholder Management solution in IsoMetrix, your organization can confidently manage all organizations that you interact with, and track, manage and report upon a variety of metrics, such as:
Contractor Safety Performance
Supplier Quality Performance
Supplier ESG or Sustainability Metrics and Performance (Scope 3)
Corporate Social Responsibility Metrics such as Community Investment, Job Creation Programs, Health Initiatives, and more