Hello Everyone,
First of all, I hope that everyone is safe and healthy. The TE team has been working remotely and stopped all travel in mid-March. Everyone here is safe and healthy. Virtual work is our normal mode, so we've been able to support our existing and new clients without interruption.
Second, we've been engaging with our clients and partners from various industries in an attempt to get their opinions on their current state of Third Party Risk as well as their thoughts on specific actions to take as we emerge.
Here are some key take aways:
Reassessment is mandatory: Even if all of your assessments were complete and accurate as of March 1st, that data is stale at best and potentially worthless. The consensus seems to be that every third party needs to be reassessed and monitored as we emerge. To complete this task, you will need to collaborate both internally and externally.
Monitoring will be key: As we emerge, the pace of change will be faster than anything we've seen in our lifetimes. Companies will come back in fits and starts, some will fail and some may have already closed. The lack of visibility into their customers, market and employees will put them into turmoil. These Third Parties must be monitored at a much higher frequency....weeks treated as months, months treated as quarters...
Engagement: Getting all Third Parties to engage in the process will be critical. It will no longer be acceptable to chase Third Parties. The Third Parties will need to be pro-active and outbound with their updates.
Based on these discussions, we have launched the following initiatives and new features for our customers and prospects. The way forward is to Collaborate with each other, Engage the Third Parties and Monitor Compliance real-time.
Customers:
COVID Emergence Dashboard: We have created a standard dashboard which we will be releasing to all existing clients that manages the workflow, checklists and status of each third party based on these best practices.
COVID Emergence Events: We have created special event types specifically for the quick assessment of Third Parties as they emerge from the crisis. These include questionnaires, standard assessment update, custom assessment updates and internal assessments.
COVID Collaboration Groups: We have created several collaboration groups on the platform which will enable companies to collaborate with each other and share assessments, opinions and statuses privately among the group members.
10 Additional Users: In the spirit of collaboration, we have temporarily increased the number of users per client by 10 for 90 days. (to be reevaluated over time)
Prospects:
Pilot Trial: We have extended our normal pilot period from 30 to 45 days
Implementation Discount: We have reduced our implementation fee by 50%
Customers will have these features turned on automatically and new clients will have them turned on once they "Go Live." To learn more apply below.
