Using Third Party Governance

The Archer Third Party Governance use case is built to enable the following processes.

Creating and Associating Third Party Metrics

The Archer Third Party Governance use case enables you to create and store standard metrics to evaluate your third party engagements. You can create reusable metrics in the Third Party Metrics Library application or single-use metrics, which are stored in the Third Party Metrics application. Reusable metrics enable you to evaluate multiple active engagements without having to create individual metrics every time you want to measure third party performance. When creating metrics, you can determine measurement frequency, weight value, type of monitoring, and calculation techniques.

Before you can measure performance, metrics must be linked to the appropriate engagement. You can link existing metrics to an engagement from the Third Party Metrics Library application, or create and link single-use metrics directly from an Engagement record.

Measuring Third Party Performance

After you create metrics and associate them to engagements, you can measure third party performance in four metrics categories: quality, innovation, strategic, and relationship. Metrics results roll up to the associated engagement record to calculate a performance rating for each metric category being assessed. The average results of all the engagements are calculated in the associated third party profile. If a third party does not meet your standards, you can address those deficiencies by generating findings, remediation plans, and exception requests.