USE CASE

Risk Transfer for Your Third Parties

Protect your business by ensuring proper risk transfer with a strong up-front documentation that supports reliable enforcement. Evident’s automated solution streamlines the risk management lifecycle and reduces your liability.

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Optimize Risk Management with Evident’s Contractual Risk Transfer

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Transfer Risk to Safeguard Your Business

Efficiently transfer risk through strong up-front documentation to safeguard your business, ensuring enforcement and minimizing liability with Evident’s advanced risk transfer solution.

Automated Communication

Automate third-party interactions and reduce administrative burden by eliminating endless email chains. Customize messages to reflect your brand, ensuring consistent and relevant communication for your most important third-party relationships.

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Non-Compliant Instructions

Provide clear, specific non-compliance messages to third parties. This approach helps them address compliance gaps swiftly, reducing the need for back-and-forth communication and speeding up issue resolution.

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Ongoing Monitoring

Maintain continuous oversight with ongoing monitoring of third-party risks, compliance status, and performance metrics. Stay ahead of potential issues with up-to-date data, ensuring proactive management and timely responses to changes in coverage.

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Elevate Your Risk Transfer with Comprehensive TPRM Solutions

Our TPRM products are engineered to enhance your risk transfer strategy by providing a robust framework for managing third-party risks throughout their entire lifecycle.

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Risk Transfer

Streamline your COI tracking and risk transfer with our solution. Automate evaluations, gain insights, and manage global compliance seamlessly to enhance vendor and supplier relationships.

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Due Diligence

Efficiently verify and manage your suppliers with our due diligence software. Automate evaluations, access global coverage, and enhance protection to safeguard your business and optimize vendor relationships.

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Onboarding

Streamline your vendor and supplier onboarding with Evident’s solution. Automate evaluations, centralize documentation, and enhance compliance, ensuring thorough protection and a seamless process from contract signing to ongoing management.

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How We Work With Your Team

We collaborate closely with teams to tailor our solutions for effective risk transfer, ensuring seamless integration and optimal risk management throughout your entire third-party lifecycle.

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Risk Teams

Strengthen organizational resilience by leveraging automated evaluations and ongoing monitoring to identify, assess, and mitigate risks from suppliers and vendors.

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Operations
Operations Teams

Ensure smooth operations by thoroughly verifying the reliability of business partners and managing their performance to prevent operational disruptions.

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Procurement
Procurement Teams

Ensure supplier reliability and manage contractual risks with automated communication, global insurance verification, and robust vendor management solutions.

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Enhance Risk Management with Evident’s Contractual Risk Transfer Solutions

Discover how Evident’s advanced solutions maximize results for your Third-Party Risk Management program, ensuring compliance and minimizing liability. Leverage our automated tools to protect your business and optimize risk management.

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Convenience Store Chain

See how one of the world’s largest convenience store brands uses Evident to ease the burden of verifying insurance and reduce exposure to risk.

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Evident’s solution verifies COIs and 750,000 individual data points from franchisees by using a customized solution to automate requests, reverifications, decisioning, and other important insurance information.

Contractual Risk Transfer FAQs

How does Evident’s contractual risk transfer solution automate the contract review process?

Evident’s solution leverages advanced algorithms to automate the review of contractual agreements. It ensures that risk transfer clauses are accurately implemented and compliant with industry standards. This automation minimizes human error, ensures consistency, and accelerates the review process, allowing your legal and compliance teams to concentrate on strategic priorities.

How does Evident help ensure that third parties comply with contract terms?

Evident’s platform continuously monitors third parties, collecting and verifying data to ensure that they are complying with critical contract terms. Evident digitizes and stores all relevant data, like Insurance Policy expiration dates, to ensure that there are no gaps in third-party coverage.

Can Evident’s solution handle complex contractual agreements across different jurisdictions?

Yes, Evident’s solution is equipped to manage complex contractual agreements across various jurisdictions. Its customizable workflows and advanced algorithms ensure that each contract adheres to the specific legal requirements of its jurisdiction, facilitating efficient and compliant risk transfer on a global scale.

How does Evident provide insights for better decision-making in contractual risk transfer?

Evident’s platform delivers detailed analytics and reporting to provide deep insights into your contractual risk profiles. Real-time data helps evaluate the effectiveness of risk transfer strategies, while customizable dashboards offer a clear view of key metrics. This supports strategic planning and enhances your risk mitigation efforts.

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