Third-Party Risk Management
A comprehensive managed service designed to identify and manage risk across the entire lifecycle.
The Modina managed service is built to help organizations streamline the management of their third-party relationships, offering executives a comprehensive view of risk and performance across the extended enterprise.
Increasing Risks in the Extended Enterprise
As organizations grow their third-party ecosystems, many struggle to effectively carry out essential activities that impact operations, risk exposure, and compliance — all without compromising the integrity of data collection, risk evaluation, and mitigation efforts.
According to the Extended Enterprise Risk Management Global 2020 Survey, which gathered insights from over 1,000 executives worldwide:
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84% reported experiencing a third-party incident within the past three years
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72% expressed dissatisfaction with their current extended enterprise risk management (EERM) technology
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52% view EERM as evolving into a broader discipline encompassing contract, performance, and financial management
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45% have increased their investment in EERM in response to growing regulatory pressure
Whether your organization has a mature, expansive third-party ecosystem or is just beginning to build these relationships—or falls somewhere in between—our managed services model can strengthen your program’s overall effectiveness, including its risk posture and compliance. Our Third-Party Risk Management (TPRM) service offers a cost-efficient solution to help organizations manage third-party relationships more effectively, giving executives a comprehensive view of risk and performance across the extended enterprise.
Providing ongoing analysis and dashboard visualizations to monitor internal and external data sources, enabling the identification of new and emerging issues within the third-party portfolio—and supporting efforts to report and mitigate risks across your extended enterprise.