CTG, an IT solutions and services company, announced it has developed a new software solution, the CTG Risk Profile Manager (RPM), which provides organizations with vendor risk assessment and management.
“Managing external vendor or supplier risk is vital to protecting an organization’s reputation, data and operations, and ensuring regulatory compliance, says Michael Beekey, managing director, CTG Security Solutions. “CTG RPM employs a new generation of business intelligence software and an advanced risk assessment methodology which utilizes multi-factor profiles to score and identify service providers likely to pose the greatest risk to an organization.”
CTG RPM supports vendor risk management across multiple industries. It is an especially valuable tool for financial services companies, which are subject to regulatory requirements to have a formal vendor risk management program. CTG RPM can be leveraged by multiple groups within an organization outside of enterprise vendor risk management including contracts, finance, audit, and IT.
CTG RPM scores risk for each vendor throughout the entire vendor assessment cycle and manages an organization’s risk assessment workflow from initial request for information to ongoing vendor monitoring. As a Software as a Service (SaaS) solution, this product allows organizations to buy the services required to meet specific needs.
CTG RPM pinpoints vendors that pose a potential risk by combining third-party data with information from the vendors and the organization, allowing organizations to easily identify at-risk vendors and take appropriate action. During organization-initiated assessments, CTG RPM provides customizable vendor questionnaires, which include precise, targeted inquiries driven by advanced business intelligence.
The software provides continuous monitoring and updates of the data, providing organizations with a “real-time” view of the overall health and risk-level of the vendor, and allowing alerts and notifications to be automatically generated. CTG RPM supports the “real time” monitoring of vendors through a comprehensive dashboard view, which displays overall vendor risk, alerts, and status of the vendor management lifecycle.