To set Re-assessment frequency for Vendor/Third-party Risk Assessment | Third Party Risk Management
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02-07-2025 05:26 AM
Hi Community,
I have a requirement to set the re-assessment frquency for Vendor Risk Assessment based on the clouser of previous VRA.
Say I have a VRA assessment got closed at 7th Feb 2025 with Risk Rating as 2-High, based on my risk rating I want the sytem to automatically trigger a new VRA assessment in next 6 months, in our scenario our VRA record must get triggered at 6th August 2025.
Is there any OOTB solution to achieve this.
As part of our research we have explored the Repeating Assessment functionality but we have to create the Repeating Assessment Record for each vendor and auto triggering is not hapenning.
Also wanted to know the significance of the field "Risk Rating Valid To" at VRA record, what happens when the valid to date is passed.
Can this be a trigger condition for our reassessment?
Please porvide your insights to achieve this, quick reposonse is much appreciated.
Please let me know if any other details are required.
Regards,
Ishaan Mishra