Adding, Editing, and Deleting Third-Party Risk Management Risks

You can add, edit, and delete risks for an inventory or an engagement record on the the corresponding details or overview screen

To add a risk from the Inventory Details or Engagement Overview screen

  1. From the Third-Party Risk Management menu, select Vendors or Engagements.
  2. Click on the Name of the vendor or the name of the Engagement you want to add a risk to.
  3. Go to the Risks tab. If no risks are displayed, click the Add Risk button. If risks are displayed, you can add a new risk by clicking the Context Menu icon and selecting Add Risk.
    The Flag Risk modal appears.
  4. Choose Select a Risk From the Library or Create a New Risk.
  5. Complete the field, see Flag Risk Screen Reference.
  6. Click the Add button.

Flag Risk Screen Reference



Field
Description
Select a Risk

The risk selected from the Risk Library. This field is only appears if you choose Select Risk From the Library.

Name

The name of the risk selected from the Risk Library. This field is only appears if you choose Select Risk From the Library.

Inherent Risk Level

Select the level of risk.

Target Risk Level

Select the target level of risk. This field is only appears if you choose Select Risk From the Library.

Threat

Select the threat(s) the risk poses to your company.

Vulnerability

Enter the vulnerability of the company to the risk.

Category

Select what category the risk falls under.

Risk Owners

Select risk owner(s).

Risk Approver

Select the name(s) of the approver(s) responsible for approving the risk.

Deadline

Identify the date of your risk deadline.

Reminder

Enter the number of days before the deadline that you want a reminder sent.

Description

Enter a Description of the risk and why it is associated with the flagged level.

Treatment Plan

Enter a treatment plan for mitigating the risk.

To edit a risk

  1. From the Third-Party Risk Management menu, select Vendors or Engagements.
  2. Click on the Name of the vendor or the name of the Engagement you want to add a risk to.
  3. Go to the Risks tab.
  4. Click the Description of the risk.
    The risk details screen appears.
  5. Hover over the field you would like to edit and click the edit icon that appears to the right.
  6. Edit the fields.
  7. Click the Save button.

To delete a risk

  1. From the Third-Party Risk Management menu, select Vendors or Engagements.
  2. Click on the Name of the vendor or the name of the Engagement you want to add a risk to.
  3. Go to the Risks tab.
  4. Hover over the risk you wish to delete and click the Context Menu icon.
  5. Select Delete. A confirmation dialog appears.
  6. Click the Delete button.