New-York based regulatory software-as-a-service (SaaS) provider Opus has launched a new tool that will allow financial institutions to ensure their third parties remain compliant with current and future mandates.
According to Opus, the Hiperos 3PM Banking Accelerator platform increases the speed, ease and accuracy of risk-assessing third-party relationships.
The product provides nine pre-contract assessments, ten post-contract assessments, and four additional due diligence questionnaires to effectively manage the risks associated with each third party.
It also facilitates risk mitigation with automated risk-based controls. Multiple, configurable reports are available, and an audit trail is accessible to all stakeholders and regulators.