Conduct Third-Party Due Diligence

Conducting due diligence on third parties is a critical step in managing vendor risks, compliance, and security. The Third-Party Risk Management (TPRM) module in GRCHub helps organizations evaluate vendor risks, monitor compliance, and identify vulnerabilities throughout the vendor lifecycle.

1. Continuous Monitoring of Third-Party Risk

Once a third party is onboarded and active, users should:

• Conduct periodic risk assessments to monitor vendor security.
• Use AI-powered tools to analyse vendor reports and identify vulnerabilities.

2. AI-Powered Document Processing

To automate risk identification, users can:

• Upload third-party documents such as:

1. Vulnerability Assessment & Penetration Testing (VAPT) reports
2. Security certificates
3. Compliance audit reports

• The AI engine analyzes these documents and extracts potential security risks.
• Users can request the AI to automatically generate risks based on the identified vulnerabilities.

Example: If a VAPT report highlights critical security flaws, the AI will generate risks that require immediate action.

3. Why This Matters?

✅ Enhances efficiency and security in vendor risk management.
✅ Reduces manual effort in risk identification and assessment.
✅ Helps prioritize vendor risks and track remediation progress.

4. Managing the Risk Lifecycle

Once third-party risks are identified, users should follow the risk lifecycle:

1. Risk Identification – Review the risks extracted by AI.
2. Risk Assessment – Evaluate the severity and impact of the risks.
3. Risk Mitigation – Assign corrective actions to the vendor.
4. Ongoing Monitoring – Ensure continuous compliance through periodic audits.

Example: If a third party has a high-risk vulnerability, the organization can assign remediation actions and track the resolution progress.