How does GRCHub support third-party risk management (TPRM)?

GRCHub provides a comprehensive Third-Party Risk Management (TPRM) solution that enables organizations to evaluate, onboard, and continuously monitor vendors, contractors, and third-party service providers. The platform helps manage third-party relationships while ensuring compliance with security and regulatory requirements.

Key Features of GRCHub's TPRM Module:

✔ Third-Party Profile Management – Maintain a centralized database of vendors, suppliers, contractors, and business partners.
✔ Third-Party Risk Assessments – Use AI-driven questionnaires and predefined templates to assess vendor risks based on compliance, security, and financial stability.
✔ Contract Management – Track vendor contracts, manage contract expirations, renewals, and versioning, and ensure compliance with regulatory standards.
✔ AI-Powered Document Processing – Upload vendor-related reports (e.g., VAPT reports, compliance audit reports) and let AI extract vulnerabilities and generate risk assessments automatically.
✔ Third-Party Engagements – Monitor vendor interactions, track projects, performance, and compliance throughout the vendor lifecycle.
✔ Risk Monitoring and Reporting – Continuously monitor third-party risks, update risk profiles, and generate reports to track vendor security posture.

How GRCHub Enhances Third-Party Risk Management:

• Evaluates and Monitors Vendor Risks – Ensures third parties meet compliance and security requirements before onboarding.
• Automates Risk Identification – AI analyzes vendor documents and identifies potential security vulnerabilities.
• Ensures Compliance with Regulatory Standards – Aligns vendor contracts and engagements with ISO 27001, SOC 2, GDPR, HIPAA, and NIST.
• Reduces Supply Chain Risks – Tracks vendor relationships to maintain a secure and reliable supply chain.

Example Use Case:

A financial institution onboarding a cloud service provider uses GRCHub to:

1. Assess vendor compliance with ISO 27001 and SOC 2 requirements.
2. Upload and analyze the vendor's security documentation (e.g., penetration test reports, compliance certificates).
3. Generate automated risks based on AI-driven document processing and assign mitigation actions.
4. Manage the vendor's contracts and engagement lifecycle for long-term security oversight.

By leveraging GRCHub’s TPRM capabilities, organizations can proactively identify, evaluate, and mitigate vendor risks, ensuring stronger third-party security governance.