Third-Party Risk Management Solution Release 24-Q4: Enhanced Firmographics Data and Configurable Dashboards

The Mitratech Third-Party Risk Management solution 24-Q4 release aims to provide companies greater visibility into data and risks while simplifying and accelerating vendor onboarding tasks. Here’s what’s new in this release.

Firmographic Updates Add Additional Clarity to Vendor Selection and Management Decisions

Understanding firmographics is crucial in third-party vendor and supplier risk management because it enables organizations to make informed decisions about selecting, managing, and evaluating vendors. Firmographics provide insights into vendor capabilities, reliability, and alignment with your business needs by examining company size, revenue, location (and associated compliance requirements), finances, ultimate business owners, and other important data.

The Mitratech TPRM solution now offers enhanced vendor firmographics data from Crunchbase out of the box at no additional charge. Complementing existing firmographics data in the solution, new fields in the vendor profile include People, Funding Rounds, Lead Investors, location in Google Maps, and a news feed that summarizes the latest updates about the vendor.

The screenshot below is a sample that illustrates the new firmographics data available in the vendor profile.

This enhancement improves visibility into vendors to aid in selection and ongoing management decisions. It also allows for the addition of managed entities and enables individual monitoring of people in the organization.

Eight Ways to Leverage Vendor Firmographics Data

By integrating firmographic analysis into vendor management processes, organizations can build more resilient supply chains, foster stronger vendor relationships, and achieve better outcomes. Here are eight ways to leverage vendor firmographics data:

1. Determine Vendor Suitability and Alignment. Firmographics such as industry, company size, location, and revenue help determine whether a vendor aligns with your business's scale and industry requirements. Understanding a vendor's market focus ensures they have the expertise and resources relevant to your organization's specific needs.
2. Enhance Risk Assessments. Evaluating firmographics helps assess vendors' financial stability and operational reliability. For example, understanding a vendor's size and financial health can indicate their capacity to handle large-scale projects or withstand economic fluctuations.
3. Evaluate Performance and Scalability. Firmographics offer insight into a vendor's capacity to scale services as your organization grows. Larger vendors may be better suited for high-volume needs, while smaller vendors might provide specialized or personalized services.
4. Assess Market Understanding. Analyzing a vendor's geographical location and target markets can highlight their understanding of specific regions or industries, which might be essential for localized or niche operations.
5. Understand Strategic Partnerships. Firmographic data helps identify vendors who align strategically with your organization's long-term goals, creating the potential for partnerships rather than mere transactional relationships.
6. Benchmark and Compare Vendors. Firmographics enable organizations to compare multiple vendors on common parameters, facilitating a systematic approach to vendor selection. They ensure that decisions are data-driven and minimize subjective biases.
7. Gain Leverage in Negotiations. Knowing a vendor's revenue and client base can provide insights into their dependency on your business, offering leverage during price and contract negotiations.
8. Ensure Regulatory and Compliance Fit. Information about the vendor's location and industry helps ensure compliance with local, regional, and industry-specific regulations.

Configurable Dashboards Improve Data Visualization and Speed Up Decision Making

The latest version of the Mitratech TPRM solution expands the widgets available in the dashboard, making data more accessible when users log in. Widgets are linked to enable quick navigation to relevant areas of the solution.

The Entity widget shows Entity Counts and Percentage by Entity Status, Entity Type, and Entity Category in both pie chart and list format with filtering.

The Risks widget shows Risk Items Counts and Percentage by Risk Score, Risk Status, and Risk Type in both pie chart and list format. The widget also enables filtering by these categories as well as by Entity, Risk Score, Risk Register, Entity Status, Entity Category, Remediation Manager, and Entity Owner.

This dashboard enhancement improves TPRM teams’ ability to visualize and act on the risk data that matters to them faster and more efficiently than with static reporting tools.

Language Translation Enhancements Simplify the User Experience

The Mitratech TPRM solution now includes AI translation of notes fields. The solution will translate the notes fields in submissions into the user’s local language, which can be especially impactful for risk and task discussions where the risk of misunderstanding could be high. Users have to accept/reject capabilities over the translation and the ability to revert to the original language if needed. The solution supports the most common languages used.

The screenshot below illustrates the enhancement.

Editable Intake Form Accelerates Vendor Onboarding

The Mitratech TPRM solution now enables live changes to the entity intake form that are immediately visible. As part of this enhancement, users can format the Intake Form Welcome Text to add items such as line breaks and bullet points that provide explanations or clarifications for intake form users. Users can also add or disable fields such as date, checkboxes, and others to enhance or limit what other users see when completing and submitting the form.

This enhancement enables organizations to customize intake forms to speed up new vendor onboarding and collect information important to multiple enterprise teams, such as procurement, finance, and IT security, without disrupting existing workflows or onboarding activities.

Monitoring Enhancements Improve Visibility of Risk Items

When viewing the details of Monitoring Events, the Mitratech TPRM solution now displays a ribbon with the Event ID, Event Priority, Event Status, Event Timestamp, Associated Risk Items, Associated Task Count, and Monitoring Event History. Additionally, from View Details, users can Add a Task, Add a Risk Item, Add a Flag, and Report an incorrect Event. Users can also edit Event Priority and Event Status.

This monitoring enhancement improves the management of monitoring events, status management, and audit history. It provides a full audit trail of activity and aids in visualizing risk items.

Next Steps: Learn More

If you are a customer, please visit the Customer Portal to read the detailed Release Notes. You can also contact your Customer Success Manager (CSM). If you’re new to us, request a demo to discover how we can help you automate and add detailed insights for third-party risk management.