Third-Party pending review

In the classic Third-Party Management, the Pending Review tab consolidates records that require a review, and the status Third-party Status used for searching, for example, Active or Inactive. Approval Status is a subset of the Status. See Approval Status. Case Status used for searching, for example, Only Open Cases or Only Closed Cases. has not been updated.

Reviewing third parties pending approval in modernized Third-Party Management

In the modernized Third Party Management experience, the Pending Review tab offers a revamped interface to help you efficiently review pending gifts and 3P approval items. Access all gift and hospitality records in the Gifts tab and third-party record details in the 3P Approval tab, allowing you to evaluate and audit them with improved clarity. This provides approvers with a single interface to review, assess, and take action on items whose approval status The status of the third party approval, for example, Pending, Approved, Denied for Compliance Reasons, and so on. Approval Status is a subset of Status. See Status. is still pending.

In the Pending Review tab, you can:

• View pending gifts and third-party records.

• Approve or deny records.

  • Gifts Select a record from the Gifts tab. In the gift record side panel, select Approve or Deny.

  • 3P Approval Select a record from the 3P Approval tab. In the Third party details view, select Actions > Status > Approval status from the dropdown menu. Provide a description or reason for the status update.

Action buttons

These action buttons are available from the Record Details tab, as applicable for a third-party or engagement.

Third-parties:

ATP to select only approved third-parties (ATP) on the Third Party List tab. This button is available when viewing the list of third-parties.

Add Engagement A 3P Profile may have one or more 3P Engagements so different business units in your organization can apply differnt risk and compliance program configurations for the 3P Profile. Cases are assigned to 3P Engagements. to enter a 3P Engagement for the 3P Profile to separately track workflow A series of tasks generated based on an event or form submission., risk, and more (if engagements is enabled).

Add Profile to add a new 3P Profile. This button is available when viewing the list of third-parties.

Escalate to order further investigation on the third party or Save to save your work on the 3P Monitor. This button is available on the 3P Monitor window.

Both third-parties and engagements:

Add Case Assigned to a third party profile related to a questionnaire sent for response, due diligence investigation, or other action. to enter third party or engagement information and order an investigation. This button is available when viewing the Record Details tab.

Merge to merge two existing third party profiles or engagements. Identify the duplicate and choose which to retain and which to eliminate. When a third-party (with or without engagements) is retained and merged with another third-party (with or without engagements), any engagements are merged. An engagement can be retained and merged with a third-party with engagements.

An engagement cannot be retained and merged with a third party with no engagements. In other words, a third-party profile with one or more engagements cannot be eliminated to be merged into an engagement. For details on merging engagements, see Adding an engagement and case.

Print to print the information to your downloads folder in PDF format. This button is available when viewing the 3P profile details.

Status to set the approval status of a third party or engagement such as Pending, Approved, Denied, and so on and enter an explanation. Your organization may automate the renewal cycle based on the approval date, DDQ Due Diligence Questionnaire which can be sent to third parties for response. Questions can be added to a risk model to use in determining the overall risk rating for a third party. submission date, or other date. Or, your organization may set manual processes.

Renewals

Your organization may automate renewals or set a manual process.

• Automated renewals: Your organization may automate the renewal cycle based on the approval date, DDQ submission date, or other date. Any other date to use for renewal (but not a system-supplied field A field is a way to input information, often a question.) should be added as a custom field to make it available to the workflow.
• Manual renewal process: Your organization may set manual processes. Renewal notifications that can be configured to automatically send letting an internal owner The organization's point of contact for the third-party to receive notifications, such as if a DDQ was sent to third-party point of contact. The internal owner is useful, for example, if your organization has a process for assigning third-parties based on location. or business sponsor know that the third-party is ready for renewal. Administrators set the renewal rules. See Managing renewals.