Ensure Third Parties Are Managing Subcontractor Compliance

Third parties frequently employ subcontractors or outside services to complement the product or service they deliver. If the product/service has any impact on the third party’s ability to meet their contractual obligations to the company, then the third party should be held liable for their subcontractors’ ability to meet company and regulatory compliance standards. Regulators like the OCC expect companies to provide proof that third party subcontractors used to produce the end product/service are subject to the same due diligence standards as the third party.

 

Hiperos 3PM Subcontractor Risk

Hiperos 3PMTM Subcontractor Risk enables companies to automatically assess, monitor and manage subcontractor risk so they identify which subcontractors pose compliance risks, ensure the third parties implement controls to reduce potential subcontractor violations and demonstrate compliance through auditable reports.

Benefits

  • Map third parties to their subcontractors automatically
  • Ensure third parties validate and manage subcontractor compliance with company policies
  • Accelerate third party subcontractor risk assessments
  • Reduce third party subcontractor risk management costs
  • Respond quickly to investigations with an auditable record