Third-party vendors are more than just partners—they’re an extension of your business. But with that partnership comes shared risks. To protect your business and maintain a strong security posture, it’s essential to understand and manage the risks associated with the vendors in your supply chain.
Vendors play a critical role in your business operations, but they also introduce various risks. These include financial loss, damage to your brand, disruptions in business processes or supply chains, data breaches, unauthorized access, regulatory violations, vendor financial instability, and geopolitical challenges.
Managing these risks is often complicated by ineffective or underdeveloped vendor management programs, processes that lack scalability or consistency, limited resources, reliance on shadow IT services, complex supply chain dependencies, and inadequate incident response strategies for breaches. Building a strong, efficient vendor risk management framework is essential to safeguarding your business against these potential threats.
We offer a range of third-party risk management services designed to strengthen your organization’s ability to identify, assess, and mitigate vendor risks effectively:
Each service is designed to empower your organization with the tools, processes, and expertise needed to maintain a resilient and effective TPRM program.
During this phase, our consultants conduct a thorough review of your existing policies, procedures, contract template language, Business Associate Agreements (BAAs), and other relevant documents. We also engage with key stakeholders across your organization, including teams from procurement, legal, Enterprise Risk Management (ERM), information security, compliance, privacy, and others as needed. This comprehensive approach ensures we identify gaps, risks, and opportunities for improvement in your third-party risk management framework.
In this phase, we evaluate your existing third-party intake processes and work with you to refine and enhance them. This includes a comprehensive review of process ownership, defined risk tiers, artifact requirements, assessment criteria, and other key third-party assessment activities tailored to each level of risk ranking. Our goal is to help you establish a mature and efficient process that effectively manages vendor risks at every stage.
In this phase, we deliver recommendations to enhance your program by incorporating automation, advanced tools, and innovative approaches to drive maturity. Our consultants provide a detailed, actionable roadmap that includes both a prioritized, multi-year strategic plan and a tactical plan for full implementation. These insights ensure your third-party risk management program evolves efficiently and stays aligned with your organization’s long-term goals.
Our additional third-party risk management (TPRM) support and managed services are designed to enhance your operations and simplify vendor risk management:
These services empower your organization to manage third-party risks more effectively while reducing operational burdens.
