--- sourceDocument: Australia Governance, Risk, and Compliance sourceDocumentLink: https://www.servicenow.com/docs/r/australia/governance-risk-compliance Release : - australia ft:locale : - en-US ft:publication_title : - Australia Governance, Risk, and Compliance ft:clusterId : - grc bundleId : - grc workflow : - Technology --- # Third-party Risk Management # Third-party Risk Management {#ariaid-title1} Release version: Australia Updated September 10, 2026 ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 2 minutes to read Summarize ![AI sparkle icon](https://servicenow.com/docs/portal-asset/ai-sparkle-icon) Summarized using AI This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete. ## Summary of Third-party Risk Management The ServiceNow® GRC: Third-party Risk Management (TPRM) application helps organizations proactively identify, assess, and mitigate risks related to their third-party relationships. It centralizes management of third-party portfolios, risk scoring, and remediation processes to ensure effective risk governance. Show full answer Show less ## Key Features * **Risk Due Diligence Requests:** Initiate due diligence processes to evaluate risk levels for third-party interactions and engagements. * **Risk Assessment and Monitoring:** Identify, assess, and continuously monitor risks associated with third parties to manage exposure effectively. * **Approval Workflows:** Configure approval levels and rules to approve or reject due diligence requests based on questionnaire responses and due diligence outcomes. * **Contract Risk Management:** Incorporate contractual provisions during negotiations to address and mitigate identified risks. * **Digital Resilience Registers:** Maintain registers of ICT third-party contractual arrangements within the Vendor Management Workspace for enhanced oversight. * **Risk Intelligence Integration:** Manage, request, and integrate risk intelligence reports and scores from external providers to gain insights on third-party trustworthiness and safety. * **Third-party Portal:** Facilitate collaboration and communication with third parties for questionnaire responses, documentation requests, task management, and issue tracking. * **Assessment Engine Migration:** Guidance on migrating from the Classic to the Smart Assessment Engine, including feature differences and setup requirements. ## Important Considerations * The Vendor Management Workspace for ITSM has been deprecated as of the Australia release; new customers should use the GRC: Vendor Management Workspace included with TPRM. * TPRM can be activated or upgraded by downloading from the ServiceNow Store and configuring settings to align with organizational needs. * The application supports integration with other ServiceNow modules and external risk intelligence providers to extend its capabilities. ## Support and Resources * Customers can access community forums, known error articles, developer documentation, and ServiceNow Customer Service for troubleshooting and assistance. * Detailed reference materials are available describing tables, properties, forms, and roles installed with the application. The ServiceNow® GRC: Third-party Risk Management (TPRM) application enables you to proactively identify, assess, and mitigate risks that are associated with your third-party relationships. TPRM provides a centralized process for managing your portfolio of third parties, assessing and scoring risk, and performing remediation. ## Get started {#third-party-risk-mgt-landing-page__section_rt1_3v3_hzb} Visit the [ServiceNow Store](https://store.servicenow.com/sn_appstore_store.do#!/store/home) website to view all the available apps and for information about submitting requests to the store. For cumulative release note information for all released apps, see the [ServiceNow Store version history release notes](https://www.servicenow.com/docs/r/store-release-notes/sn-store-release-notes.html).{#third-party-risk-mgt-landing-page__inline-send-to-store} |-|-|-| | [Explore Learn about how third-party risk managers, third-party risk users, and third-party risk administrators use the Third-party Risk Management application.](https://www.servicenow.com/docs/KZUDtXYLwSzolf97muVO2A "The Third-party Risk Management application centralizes and standardizes the processes, source materials, responsible persons, and methods of your third-party risk management program. You can improve your operations by managing your portfolio of third parties and by identifying, tracking, and mitigating the issues that arise with third parties.") | [Configure You can activate or upgrade TPRM, by downloading the applications from the ServiceNow Store and then configuring the settings to meet your needs.](https://www.servicenow.com/docs/fSbrfETvXhzOC1Ihw7li7Q "You can activate or upgrade TPRM, by downloading the applications from the ServiceNow Store and then configuring the settings to meet your needs.") | [Integrate Extend TPRM capabilities by integrating with other applications.](https://www.servicenow.com/docs/B3Zuas2ZL~p4ooeZA0GTNQ "Extend the capabilities of TPRM.") | | [Migrate Classic to Smart Assessment Engine Learn what changes when you migrate from the Classic Assessment Engine to the Smart Assessment Engine, including feature differences, limitations, and setup requirements.](https://www.servicenow.com/docs/_IFNHdAAg~lR1jG6oNNjLQ "Learn what changes when you migrate from the Classic Assessment Engine to the Smart Assessment Engine, including feature differences, limitations, and setup requirements. This overview can help you and your team evaluate the impact before enabling the new engine.") | [Request third-party risk due diligence Request third-party risk due diligence to determine the level of risk for interactions with a third party and their engagement.](https://www.servicenow.com/docs/Tox8oymaaXzAo4c7AdHemA "Request third-party risk due diligence to determine the level of risk for interactions with a third party, engagement, or fourth party by using Third-party Risk Management. You conduct due diligence to become aware of the associated risks so that you can make informed decisions, establish appropriate controls, and mitigate the potential negative impact when working with external parties.") | [Assess third-party risk Use Third-party Risk Management to identify and assess potential risks that are associated with your third-party relationships.](https://www.servicenow.com/docs/HhMe7LKkoxctYhTzh0d5Aw "Use Third-party Risk Management to identify and assess potential risks that are associated with your third-party relationships. The information gathered from internal questionnaires, external questionnaires, and documentation requests helps you to understand the third party's risk profile, determine the appropriate risk mitigation strategies, and determine whether the third party or engagement meets all necessary compliance requirements.") | | [Monitor third-party risk Use the Third-party Risk Management application to monitor potential risks associated with your third-party relationships.](https://www.servicenow.com/docs/Mt0S6CJuB~PC7DNXGZ9m1w "You can monitor the potential risks that are associated with your third-party relationships by using the Third-party Risk Management application. An ongoing monitoring process can help you regularly assess the third party's performance and adherence to the agreed-upon terms.") | [Approve or reject requests for due diligence Set up the approval levels and rules for due diligence requests in the Third-party Risk Management application to use while approving or rejecting requests after reviewing questionnaire responses and due diligence process results.](https://www.servicenow.com/docs/aqgpaVbgvxGp1gTVMdljvQ "Set up the approval levels and rules for due diligence requests in the Third-party Risk Management application to use while approving or rejecting requests after reviewing questionnaire responses and due diligence process results.") | [Manage the contract risk process Protect your organization's interests, as the Third-party risk contract negotiator by incorporating specific contractual provisions so that you can address identified risks.](https://www.servicenow.com/docs/LiCX_HyxYjqvbfirkO7HQw "Protect your organization's interests, as the Third-party risk contract negotiator, often the corporate counsel, by incorporating specific contractual provisions so that you can address the risks identified using the Third-party Risk Management application.") | | [Use Digital resilience third-party registers Use the Digital resilience third-party registers application in the Vendor Management Workspace to set up and maintain registers of contractual arrangements with ICT third-party service providers.](https://www.servicenow.com/docs/pHXvo81xQelsQoCnL96JGg "Use the Digital Resilience Third-party Information Register application in the Vendor Management Workspace to create, update, and track assessments, branches, and legal entities. Maintain registers of contractual arrangements with ICT third-party service providers.") | [Use risk intelligence reports Manage and request risk Intelligence reports or scores from external risk intelligence content providers.](https://www.servicenow.com/docs/HQQvz6CdIiNv6kTSamzivQ "Request risk intelligence reports or scores directly from your external risk intelligence content providers by using the Third-party Risk Management application. This information can be requested and managed based on the importance or risk level of the individual third party.") | [Integrate scores from risk intelligence providersIntegrate scores from risk intelligence providers. The scores provide insight on how trustworthy and safe a particular third party can be.](https://www.servicenow.com/docs/LyoDbZc3Vn9wCmv2fDSsRA "Risk intelligence providers generate risk scores for a variety of third-party risk domains. Your organization can purchase services from providers that return data that is analogous to personal credit scores. The scores provide insight on how trustworthy and safe a particular third party can be.") | | [Use the third-party portalUse the third-party portal to respond to questionnaires, requests for documentation, tasks, and issues. The portal is the point of interaction between third-party contacts and risk assessors.](https://www.servicenow.com/docs/0~pzVvr~IuJOCqkyFNmYfA "Third-party contacts respond to questionnaires, requests for documentation, tasks, and issues on the Third-party portal. The portal is the point of interaction between third parties and risk assessors.") | [ReferenceReference topics provide detailed descriptions of tables, properties, forms, and roles that are installed with the Third-party Risk Management application.](https://www.servicenow.com/docs/tpLqwImQ~jHdKM9oSbTn9A "Reference topics provide detailed descriptions of tables, properties, forms, and roles that are installed with the Third-party Risk Management application.") | | [ ] {#third-party-risk-mgt-landing-page__table_st1_3v3_hzb} Important: The Vendor Management Workspace for ITSM (sn_itsm_vendor) is deprecated as of the Australia release. It is hidden and no longer available for activation for new customers. References to Vendor Management Workspace throughout this documentation refer to the GRC: Vendor Management Workspace (sn_vrm_ws), which is a separate application included with Third-party Risk Management and is not affected by this deprecation. For details about the deprecation process, see the [Deprecation Process \[KB0867184\]](https://support.servicenow.com/kb_view.do?sysparm_article=KB0867184) article in the Now Support Knowledge Base. ## Troubleshoot and get help {#third-party-risk-mgt-landing-page__section_xt1_3v3_hzb} * [Ask or answer questions in the GRC community](https://www.servicenow.com/community/forums/filteredbylabelpage/board-id/governance-risk-compliance-forum/label-name/vendor%20risk%20management). * [Search the Known Error Portal for known error articles](https://support.servicenow.com/kb?id=kb_article_view&sysparm_article=KB0597477). * [Learn how to build apps on the developer site](https://developer.servicenow.com/app.do#!/training/landing). * [Contact Customer Service and Support](https://support.servicenow.com/now?draw=case). {#third-party-risk-mgt-landing-page__ul_yt1_3v3_hzb}