Decision Focus wins the third-party risk solutions provider of the year award for its innovative Third Party Risk Management (TPRM) module.

The solution has significantly enhanced insurers' ability to manage vendor relationships and associated risks throughout their lifecycle.

The TPRM module offers a central repository for vendors and associated third-party risks.

The platform also streamlines the entire vendor lifecycle, from due diligence and contract management to SLA oversight, all without requiring IT resources from the client organisation.

A key feature of Decision Focus's solution is its integration with other critical areas, such as operational resilience, where third parties are recognised as resources supporting important business services.

The platform's customised APIs support various use cases, including information security oversight, financial management, and third-party access.

The TPRM module has been augmented to support compliance with the Digital Operational Resilience Act (DORA), enabling clients to automatically produce the register of information directly from Decision Focus in the exact templates prescribed by the European Insurance and Occupational Pensions Authority (EIOPA), significantly reducing administrative effort.

A case study with BMS highlighted the platform's effectiveness. Since implementing Decision Focus in 2020, BMS has achieved a centralised supplier database and enhanced due diligence processes, across multiple time zones.