Hi Meghashree,
To drive control compliance using third-party risk assessment, here are some steps you can follow:
Define Control Objectives: Clearly define the control objectives that you want to assess for compliance using third-party risk assessments.
Mapping Control Objectives: Map these control objectives to the questions or sections in your third-party questionnaire template. Ensure that each control objective is addressed appropriately.
Conduct Assessments: Administer the third-party risk assessments to your vendors or third parties. Ensure that they understand the questions and provide accurate responses.
Evaluate Responses: Once assessments are completed, evaluate the responses against your defined control objectives. This involves reviewing the answers provided and determining whether each control objective is compliant or non-compliant based on the responses.
Generate Status or Issues: Use your governance or risk management platform (like ServiceNow) to track the status of each control objective. You can configure the system to automatically generate issues or flag non-compliant control objectives based on predefined criteria.
Follow Up: Communicate any non-compliance findings with the relevant stakeholders and work towards remediation or mitigation as needed.
By following these steps, you can effectively drive control compliance using third-party risk assessments. If you're not seeing status updates or issues generated, review your assessment configuration and ensure that it aligns with your compliance tracking requirements.
Hope this helps!
