Archer Third Party Engagement 6.8

Archer Third Party Engagement allows you to catalog the products and services being delivered to your organization by third parties. It also allows you to associate product and service engagements to the business process and business units they support, giving you a holistic understanding of your dependency on each third party. You can establish accountability for engagements, perform inherent risk assessments across multiple risk categories, catalog and assess the adequacy of proof of insurance for each supplier, evaluate the financial viability of each third party, and roll up all engagement inherent risk assessments to the third party delivering the engagement. This provides you with an understanding of the overall inherent risk associated with each third-party relationship.

For the key features and benefits of this use case, see the Data Sheet on the Archer Community: https://community.rsa.com/docs/DOC-40093

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How Third Party Engagement fits into a risk and compliance program

Third Party Engagement is a use case in the Third Party Governance solution area. The following section describes the use cases that Third Party Engagement requires as a prerequisite and which use cases you can upgrade to as your third party governance program matures.

Prerequisite and next use cases

This following diagram shows how this use case fits into the overall Third Party Governance solution area.

For information on these Archer use cases, see the Archer Solutions Help.

Prereq, current, next use cases

Third Party Catalog

  • Document your third parties, subsidiaries, and sub-subsidiaries
  • Create third party engagements
  • Document third party contracts

Third Party Engagement

  • Catalog third party products and services and map engagements to your business processes they support

  • Request third party products and services, and evaluate and manage requests

  • Perform inherent risk assessments on engagements across seven different risk categories and roll up results to an overall third party risk profile.

  • Capture and analyze significant supplier relationships

  • Analyze the financial viability of each third party

  • Catalog master services agreements associated with engagements

  • Perform contract risk assessments

  • Capture the third party’s proof of insurance and evaluate the adequacy of the insurance

Third Party Risk Management

  • Assess the third party’s internal control environment
  • Collect relevant supporting documentation for further analysis
  • Determine the organization’s residual risk across several risk categories

Third Party Governance

  • Define and document performance metrics for third parties
  • Track all contractual service level agreement (SLA) metrics
  • Capture performance metric data and report on performance of individual engagements

Additional resources

The following additional resources are available for this use case:

The following additional resource is available for the Third Party Governance solution area: Third Party Governance Solution Brief.

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