Software provider Fusion Risk Management has expanded the functionality of its third-party risk management offering. The enhanced solution aims to provide continuous monitoring of third parties beyond its traditional reach as well as an evaluation of potential operational and business impacts that those third parties may have.

The aim is to enable a holistic and real-time view of third-party ecosystem health which helps organisations improve decision-making and response times in order to transform how third-party risk teams anticipate and manage disruptions.

Businesses continue to face challenges with how they monitor and engage third parties to help enable their product and service delivery. In its 2022 global third-party risk management survey, Deloitte found that 73% of survey respondents reported a high level of dependence on third parties to operate and 87% faced a disruptive incident with third parties in the past three years.

Created in response to market and customer demand to drive enterprise resilience as well as meet regulatory and compliance mandates such as the Digital Operational Resilience Act (DORA), Fusion says its TPRM’s features enable organisations to manage and react to third-party risks by using real-time data and alerts.

The new features help organisations perceive all third parties, including ‘off the radar’ vendors, for an understanding of the role third parties play in performing essential business functions. Dashboards encompass financial, business, information security, and cybersecurity health, while added features also reduce reliance on dated questionnaires and enable the ability to segment third parties by services so that teams can focus their risk response on key issues.

Eric Jackson, chief product officer at Fusion Risk Management, said: “Third parties are an integral part of the enterprise, but many organisations today still operate in silos with a limited ability to share third-party risk information outside of third-party risk teams.

“Organisations have realised that they need a different approach to risk identification, monitoring, and preparedness in order to shift from siloed vendor management to integrated TPRM. Fusion continues to invest in product innovation to ensure that our customers have the most accurate understanding of third-party impacts across their enterprise, can accelerate real-time intelligence, can make the shift to a proactive risk management posture, and are able to thrive through any business disruption.”

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