Centralized TPRM Data Hub for Third-Party Risk Management

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Solution Overview

Problem

Current third-party risk management systems are inefficient and costly due to the lack of a centralized platform for gathering and sharing third-party risk management information, leading to duplication of efforts, delayed responses, and increased risks associated with third-party relationships.

Innovation Solution

A centralized third-party risk management data hub (TPRM data hub) that stores and manages third-party risk management information, allowing multiple contracting entities to access standardized and delta questionnaires, reducing duplication and enhancing communication and oversight.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If a centralized third-party risk management data hub is implemented, then efficiency and productivity are improved, but device complexity and system infrastructure requirements increase

Engineering Contradiction:

Improvethird-party risk management efficiencyVSAvoidsystem infrastructure complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent consolidates multiple third-party risk management systems into a single centralized data hub that stores and manages questionnaires, responses, and risk information for multiple contracting entities. This merging eliminates duplication of efforts across separate systems while improving overall productivity through shared access to standardized third-party data.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The centralized data hub serves multiple functions: storing standardized questionnaires, collecting third-party responses, managing risk information, and providing access to multiple contracting entities simultaneously. This multi-functional platform replaces numerous separate systems, reducing infrastructure complexity while enhancing productivity through universal access.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Device complexity

If multiple contracting entities use separate third-party risk management systems, then system complexity is reduced, but loss of time and productivity decrease due to duplication of efforts

Engineering Contradiction:

Improvesystem structure simplicityVSAvoidtime for questionnaire completion and data processing

Core Design Contradiction:

Device complexityVSLoss of time

Solution Approach 1:

The centralized data hub pre-establishes standardized questionnaires and data collection templates that can be reused across multiple contracting entities and third parties. This preliminary standardization eliminates the need to create new questionnaires for each entity-third party interaction, significantly reducing time loss while maintaining simple system structures through template-based operations.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system creates and maintains master copies of third-party questionnaires, responses, and risk information in the centralized data hub. These copies can be efficiently distributed and accessed by multiple contracting entities without requiring separate data collection processes, thereby reducing time loss while keeping system complexity manageable through centralized replication.

Inventive Principle:

Principle #26Copying

3Loss of time

If standardized questionnaires are used across multiple entities, then loss of time is reduced, but adaptability and versatility decrease due to lack of customization

Engineering Contradiction:

Improvedata collection and processing timeVSAvoidquestionnaire customization capability

Core Design Contradiction:

Loss of timeVSAdaptability or versatility

Solution Approach 1:

The questionnaire system is segmented into standardized core components stored in the centralized data hub and customizable supplementary sections. This segmentation allows contracting entities to use pre-defined standardized questions for common risk assessments (reducing time loss) while adding or modifying specific questions as needed (maintaining adaptability). The segmented structure enables efficient reuse of standard portions while preserving customization where required.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The questionnaire system dynamically adapts to different contracting entities and third parties by allowing configuration of standardized and custom questions. The system can adjust the composition, depth, and focus of questionnaires based on specific risk profiles, industry sectors, or entity requirements while maintaining a standardized core framework. This dynamic flexibility reduces time loss through standardization while preserving adaptability through configurable parameters.

Inventive Principle:

Principle #15Dynamics

Data Source

PatentUS9959367B2Third party centralized data hub system providing shared access to third party questionnaires, third party responses, and other third party data

Publication Date: 2018.05.01 IHS MARKIT KY3P LLC

AI summary

A system for providing a third party centralized data hub. The system includes a server storing a database of sets of third party data, and the system includes a third party risk management module on the server maintaining the third party data. The system includes a first set of client devices communicatively linked with the server over a digital communications network and operable by data providers to provide and modify one of the sets of third party data. The system includes a second set of client devices linked with the server and operable by data consumers to access a subset of the sets of third party data. During operations, the risk management module monitors the third party data, identifies a modification, by one of the data providers, of one of the sets of third party data, and automatically generates and transmits an alert to the second set of client devices.