Vendor Risk is being replaced by 3rd Party Vendor Risk Management?

[HusaN]

Good morning/afternoon,

I have quick question(QQ) Is vendor risk is being replaced by 3rd party Risk Management for Washington upgrade because functionality shared in the videos are completely different than what we have been using. I would like to know if someone else in the community experienced same issues.

[Community Alums]

Hi @HusaN ,

That's correct!! the vendor risk management has been renamed as Third party risk management.

However, the name of the workspace remains the same which is "Vendor management Workspace".

[Community Alums]

Hi @HusaN ,

[Jan Spurlin]

@HusaN - Sandeep is correct the Vendor Risk Management product has been renamed to Third-Party Risk Management (TPRM). One of the big new features of TPRM is the Due Diligence process.  You don't have to use that, but it is pretty cool and offers some nice new features.

The idea behind the new Due Diligence process is that it allows the customer to get started working earlier in the third-party engagement lifecycle. It also provides a guided structure to that lifecycle. 

The tiering assessment in Vendor Risk is replaced with an internal assessment.  Your existing tiering assessment can be converted or copied and become internal assessments.

One of the big advantages if being able to trigger VRAs with much more flexibility.

[Towles21]

Hi, does anyone have a list of the changes when moving from VRM to TPRM? and is there anything required from a configuration standpoint (assuming you are aligned with out-of-the-box)?