Third-Party Risk Exchange FAQ

Adding a vendor to the Third-Party Risk Exchange means that you will add the Exchange record for a vendor to your inventory. This will create a vendor record that has the same attribute values as the Exchange record.

When you add an Exchange record, the connection to the Third-Party Risk Exchange is established by default. However, a user can choose to disconnect the vendor from the Exchange. This would mean the vendor record and the attributes populated would remain, but the information would no longer be synced from the Exchange, because the connection is no longer there.

The option to add an Exchange record to your inventory is only available when that Exchange record does not exist in your inventory – whether that vendor record is connected to the Third-Party Risk Exchange or not.

Connecting a vendor to the Exchange means that you will connect an existing vendor record in your inventory to the Exchange record in the Third-Party Risk Exchange. The attribute values in your inventory for this vendor will get replaced by the attribute values existing on the Exchange record. These values will be updated with information from the Exchange. For more information, see Connecting a Vendor to the Third-Party Risk Exchange.

If you are setting up the Third-Party Risk Exchange for the first time, the related Exchange attributes and attribute groups are not immediately available in your tenant.

These attributes only become available after you link your first vendor to the exchange. Once that step is completed, the system creates the related attribute groups automatically, and the attributes then appear in the vendor Attribute manager and within inventory records. For more information, see Connecting a Vendor to the Third-Party Risk Exchange.

If you archive a vendor connected to the Exchange, the vendor will still appear as Connected, but the sync will be paused until the vendor status is changed to Active or Pending.

When you choose to connect a vendor from the Exchange, the vendors that show up in the selection menu are vendors in Active or Pending statuses that do not have an existing connection to the Exchange.

Yes, a record in the Exchange can be connected to multiple vendor records in your inventory.

This means the record was added from the Exchange and the information is being synced with information from the Exchange.

This means the Exchange record exists in your inventory and was connected at the time of addition, but it was later disconnected and therefore information is no longer being synced from the Exchange.

This means an existing vendor record in your inventory was connected to the Exchange record in the Third-Party Risk Exchange so the information on your record was replaced and is being synced with information in the Exchange.

This means the Exchange record does not exist in your inventory and is not connected to any of your existing vendors.