Third Party Risk Management and Contract Life Cycle Management Platform

A Kentucky agency is seeking an integrated platform to support both third party risk management (TPRM) and contract lifecycle management in order to automate and enhance its procurement processes. The agency's comprehensive review process covers digital services procurement, including software, hardware, and related services.

Vendors are invited to submit information about solutions that offer capabilities such as customizable approval workflows involving multiple teams, and robust questionnaire management with conditional logic for internal and external stakeholders. The desired platform should also include a vendor portal for submission review, tools for tracking and reporting on all approval forms and vendor interactions, and advanced search features to view approved vendors and software.

Additional requirements include an administrative dashboard to monitor the status and progress of all reviews, functionality to create and manage vendor risk scores, as well as comprehensive contract management features. These should encompass support for agreements with or without standard templates, a clause library, and full change/version tracking with the ability to generate agreements from templates and user inputs. Implementation timelines and additional supportive materials from vendors should be provided.