As enterprises continue to outsource more operations to third parties, they expose themselves to more shared risk. Most organizations understand the need to automate third-party risk management (TPRM) activities to ensure that they effectively manage and prevent risks. Yet many struggle to identify and prioritize the key features needed in a TPRM solution.

We’ve put together a solution checklist that will serve as a guide. It outlines key features you should look for in a TPRM solution and explains why each one is crucial for mitigating risk, including:

• third-party risk assessment workflow
• third-party engagement
• risk reporting requirements
• architecture and infrastructure