IRQ process management
The first internal step after an engagement request is approved is to start the IRQ process to scope the risk by determining the third party's risk score.
Accessing the IRQ process
On the Due diligence management page, select the DDR number for any due diligence request and then select the Internal assessments tab.
The tab displays the list of all IRQ processes for the engagement request. For each IRQ process, the system auto-assigns a unique ID number that starts with the text INA.
Viewing the list of internal risk assessments
- Internal assessments tab
Tabelle : 1. Internal assessments tab Column Description Number For each IRQ process, the system auto-assigns a unique ID number that starts with the text INA.
Select an INA number to work on the Internal assessments page to the Risk overview tab.
The unique ID is used in all references to the item. You can use the ID to search or filter for the item that you want to work on.
Name, Assigned to, Risk rating Data from the engagement request. State The current state of the internal assessment: Draft, Awaiting response, Response received, or Closed. Respondents Users who responded to the request. - Risk overview tab on the Internal assessments page
For each IRQ process, the system auto-assigns a unique ID number that starts with the text INA. Select an INA number to work on the IRQ process on the Internal assessments page.
- The symbols indicate the state of each stage in the IRQ process for the request.
- Questionnaire requests section: List of questionnaires that are associated with the third party. You can view each questionnaire by selecting the Name.
- Tracking section: Count of assessments associated with the third party that are in the Open, Overdue, and Closed state.
- The symbols indicate the state of each stage in the IRQ process for the request.
- Details tab on the Internal assessments page
- Internal assessment section: General information on the third party and schedules for the overall assessment and questionnaire due dates from the engagement due diligence request.
- The Compose section on the Details tab enables you to permanently add text to the record. The Activity section is updated with any actions on issues and tasks, submissions to TP contacts, and also with work notes and comments that users add to the record. Add text in the following fields as needed:
- Work notes (Private): Information about the third-party risk assessment. Work notes are visible only to internal users who are assigned to the process.
- Comments: Comments about the third-party risk assessment are visible both to internal users and to third-party contacts.
- The Third-party overview section provides key information on the third party that is associated with the engagement request.
- Questionnaire templates tab on the Internal assessments page
- The tab lists all open IRQs. Select a questionnaire name to view the details.
- Scales tab on the Internal assessments page
- The tab lists the definitions of the calculated rating and tier values. See Set up risk rating scales for scoring and VRM third-party risk tiering assessments for instructions for defining the settings.
- Questionnaire requests tab on the Internal assessments page
All values on the tab come from the internal assessments that have been conducted on the third part in the engagement.
Tabelle : 2. Questionnaire requests tab Column Description Number When a questionnaire template is added to an assessment and sent out, the system generates assessment instances for each template. Each of these instances is automatically assigned a unique ID number that starts with the text AINST.
The unique ID is used in all references to the item. You can use the ID to search or filter for the item that you want to work on.
Assessment number For each external risk assessment, the system auto-assigns a unique ID number that starts with the text VRA.
The unique ID is used in all references to the item. You can use the ID to search or filter for the item that you want to work on.
Metric type Questionnaire that determined the questionnaires used in the assessment. Assigned to User that is responsible for managing and responding to the IRQ. Due date Deadline for third party to respond to and return all questionnaires. State Current stage of the IRQ process for the engagement request. Internal risk score An engagement risk-scoring rule specifies component criteria that determine which engagements are selected for assessment. For example, a rule could enable assessments for engagements that involve more than $40,000 annual business. Engagement scoring rules apply only to engagements.