Enhancing Third Party Risk Management
We specialize in evaluating and managing risks associated with your third parties. Our solutions go beyond identifying gaps in your defense to enhance the performance of your extended enterprise. Let us help you optimize IT costs and limit the risk related to software use.
Third-Party Security Risks
Learn about the different types of third-party security risks and how they can impact your business. Discover the importance of cybersecurity, operational, compliance, reputational, financial, and strategic risk management.
Third-Party Risk Management
Third-party risk management (TPRM) is a crucial process that aims to identify, assess, and mitigate any potential risks arising from engagements with external parties. These risks can encompass various areas such as procurement and the termination of partnerships. TPRM utilizes a set of policies and systems to establish a robust framework for overseeing the activities of third parties. By implementing stringent evaluation and monitoring procedures, organizations can effectively manage and minimize the risks associated with these external relationships. This proactive approach ensures that businesses maintain control over their operations and safeguard their assets from potential vulnerabilities. Through TPRM, companies can establish a reliable network of trustworthy and compliant partners, fostering a more secure and resilient business ecosystem.
The objectives of TPRM are multi aims to safeguard the organization's reputation by ensuring that third parties adhere to the same standards and values as the organization itself.
Comply with regulations,
Avoid unethical practices,
Protect confidential information,
Strengthen supply chain security,
Maintain a healthy and safe working environment,
Handle disruptions effectively,
Achieve high performance and quality levels
By implementing effective TPRM practices, organizations can proactively manage risks, strengthen their resilience, and maintain the trust of their stakeholders.
TPRM Program
Our TPRM program is designed to integrate seamlessly into your overall risk management strategy. With a focus on third party risk management, we help you identify, assess, and mitigate risks associated with your external partners.
Vendor evaluation—involves identifying the risks posed by a third-party vendor before onboarding. It is also important to determine the required level of due diligence to manage these risks.
Vendor engagement—if the vendor’s external security meets the minimum level required, the vendor should also be able to provide additional information regarding internal security measures, which isn’t usually accessible to outsiders.
Risk remediation—organizations should not onboard a vendor that presents an unacceptable risk, although it may be possible to address these security issues. If the vendor agrees to address the remaining security issues, it may be useful to leverage a remediation tool.
Decision—based on the vendor’s security posture and ability to remediate issues, the organization decides to approve or reject the vendor. This decision should consider the organization’s risk tolerance and compliance requirements and the vendor’s criticality.
Continuous monitoring—after onboarding, organizations should continue to monitor the third-party vendor’s security. Maintaining security is especially important once a third party can access sensitive systems and data.
