third party risk management
Overview
Third-party risk management (TPRM) is a form of risk management that focuses on identifying and reducing risks relating to the use of third parties (sometimes referred to as vendors, suppliers, partners, contractors, or service providers).
The discipline is designed to give organizations an understanding of the third parties they use, how they use them, and what safeguards their third parties have in place.The scope and requirements of a TPRM program are dependent on the organization and can vary widely depending on industry, regulatory guidance, and other factors. Still, many TPRM best practices are universal and applicable to every business or organization.
Why Third Party Risk Management is important?
Safeguard your organisation from exposure to third parties who have breached regulations or displayed unethical business practices. With rising regulatory pressure, emerging focus on reputational risk and more complex supply chains, third-party risk management is becoming increasingly important in the corporate sector. Trends such as the growing number and complexity of third-party relationships, rising fines and penalties, and demand for responsible operations have led to third-party risk management becoming a critical activity for organisations.
Services Highlights
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Visibility
Understand your level of inherent risk with each third and fourth-party vendor.
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Improve how you do business
Develop business processes, communication methods, and best practices for effective vendor relationship management.
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Lower your risk
Meet compliance requirements and avoid penalties while increasing protection and sensitivity of your customer’s data.
Benefits of Third Party Risk Management
- Stay ahead of attackers with an integrated and unified solution for third-party risk management leveraging internal intelligence and external feeds
- Leverage automation to increase third-party coverage to expand the effective visibility of risks, reducing vendor risk
- Improve executive visibility with an integrated view of vendor risk posture to facilitate faster and more effective decision making
- Reduce assessment turnaround time by placing vendor information at the hands of decision-makers, eliminating tedious manual research
- Align your compliance to industry standards using a vendor management software that standardizes assessments and helps mitigate risk