Wolters Kluwer ELM Solutions (formerly Datacert and TyMetrix), an Enterprise Legal Management software and services provider, recently release its Passport GRC Third-Party Risk Monitor Module.
The new module is an extension of Passport GRC, the company's comprehensive, platform-based framework for managing broad governance, risk, and compliance (GRC) programs. This module provides key third-party cross-check data that companies need to understand and assess the risks of third-party relationships and to perform accurate and effective due diligence.
In addition, the solution helps to boost the accuracy and effectiveness of due diligence efforts, engages all stakeholders, including legal, in these efforts, and maintains an audit history of cross-check searches to support defensible due diligence.
Key features include:
Third-party cross-checks to support due diligence: The module aggregates information on third parties gained through searches of a wide variety of sources.
Ongoing monitoring of third parties: Provides for automated ongoing portfolio monitoring of Negative News sources.
Related workflow can be generated within the module to support notification and resolution of these red flags, and to involve relevant compliance, risk, and legal staff in the process.
Integration of legal in due diligence: Integrates with Passport legal management solutions to facilitate critical information-sharing and participation by Legal staff in third-party due diligence.
The Third-Party Risk Monitor Module is part of the comprehensive Passport GRC solution.