What Features Should I Look for In A TPRM Platform?

A robust TPRM platform isn’t just a storage tool. It should actively support smarter decision-making, streamline due diligence, and reduce duplicated effort across procurement, risk, and compliance teams. 

Here’s what to look for when choosing a third-party risk management platform:

1. Breadth Of Risk Coverage 

Your TPRM platform should support a wide spectrum of risk categories - not just financial or operational.

Look for built-in coverage for: 

• Cybersecurity and data privacy 

• Modern slavery and sustainability risk 

• Regulatory and compliance obligations (e.g. GDPR, DORA) 

• Resilience and geopolitical exposure 

• Financial crime

• Supply chain risk visibility 

Why it matters: A platform that only handles surface-level assessments won’t give you a true picture of your exposure. Comprehensive risk coverage enables more accurate, risk-aligned decisions. 

2. Audit Trails And Document Management 

A good TPRM platform should help you demonstrate accountability with ease - especially in regulated sectors. 

Look for features like: 

• Transparent audit trails 

• Version control for submitted documentation 

• Evidence repositories that are easily searchable 

• Regulatory aligned questionnaires 

Why it matters: Financial institutions must prove their due diligence to regulators. An audit-ready platform gives you the confidence that every decision is documented and defensible. 

3. Integration With Procurement And Risk Systems 

Third-party risk shouldn’t be siloed. Your platform should integrate with existing tools, such as: 

• Procurement suites (e.g. SAP Ariba, Coupa, Jaggaer) 

• Vendor management systems (VMS) 

• Other specialist risk and compliance software 

• Internal enterprise risk and finance systems 

Why it matters: Integration reduces manual work, breaks down silos, and embeds TPRM directly into procurement workflows - where decisions are being made. 

4. Alerts And Reporting 

Look for configurable reporting that surface key third-party risk insights in real-time, including: 

• When key items change or updates are made

• Expiring documents or outdated assessments

• Compliance gaps

• Responses that are outside of your risk appetite

Why it matters: Clear reports make it easy for your teams to prioritise action. Real-time alerts allow you to respond to third-party risks proactively - not after the damage is done. 

5. Access to a Supplier Assurance Community

One of the most overlooked - but powerful - features is participation in a shared supplier assurance model like FSQS. 

This means your platform gives you access to: 

• Published suppliers who have already completed due diligence 

• Shared assurance data that reduces repetitive assessments 

• Faster onboarding times with less back-and-forth 

• Industry benchmarks and comparators 

Why it matters: Platforms like FSQS unlock collective efficiency. Instead of every buyer asking the same questions, suppliers can maintain a single, validated profile - and buyers gain faster access to risk-aligned insights. 

6. Scalability and Configurability  

Your risk landscape will evolve - your TPRM platform should too.

Choose a solution that can scale with your organisation and adapt to changes in: 

• Regulatory requirements 

• Internal risk appetite 

• Supplier volume and complexity 

• New risk categories or assessment types 

Why it matters: TPRM isn’t static. A flexible, scalable platform ensures your third-party risk management framework stays relevant and future-proof.

Final Thought: Choose A Platform That Powers Better Risk Decisions 

A well-designed TPRM platform does more than tick a compliance box. It enables your procurement and risk teams to work faster, collaborate better, and respond to third-party risks with clarity and confidence. 

Platforms like FSQS go a step further - providing not only the technology but the supplier community, data validation, and industry expertise needed to make third-party risk management a strategic advantage.