Decision Focus wins third-party risk solutions provider of the year for implementing a three-pronged approach to this threat that involves information gathering for due diligence, third-party monitoring and risk assessment.

The Danish-headquartered governance, risk and compliance (GRC) software vendor says it enables the due diligence process with supplier assessments and the ability to manage contracts.

Decision Focus adds that the platform is used to embed third party risk management within a business through the supplier-owner assessment in the first line. Furthermore, it has helped clients successfully integrate financial system ledgers to capture financial data from suppliers. Decision Focus has also integrated with security scanning technologies that allow clients to leverage data from these partners for monitoring security.

In addition, once a client has been on-boarded, Decision Focus says customers can conduct periodic risk and compliance assessments, with risk scoring and risk mitigation triggers tailored to client processes.

The judging panel was impressed by a case study showing how a client was able to introduce a supplier risk management function via the Decision Focus platform to support the management of contracts, performance and overall relationship management.

This has enabled Decision Focus's client to have a supplier database that is centralised in one platform and provides a single source of truth.

Jeff Robinson, a partner at Decision Focus, tells InsuranceERM the company has been enhancing the third-party risk management capability of its software and enabling its clients to evolve their due-diligence questionnaires in a more streamlined way so that they can be self-sufficient as much as possible.

This year has also got off to a great start, with Decision Focus also winning InsuranceERM's operational risk solution of the year.