Our Third-party Risk Management (TPRM) Program will reduce your organization’s risk by conducting a comprehensive risk assessments for your third-party vendors. Managing third-party risk on your own can quickly become overwhelming. Especially for large companies with hundreds of third-party vendors. We can solve this problem by implementing our scalable TPRM services. Our experts will complete third-party risk assessments for you in a timely manner. A big reason customers choose us is because our program is crafted to meet your requirements. When you hire our team of professionals you can save time, effort, and money and reduce your third-party vendor risk. This is a win-win scenario for your company, contact us to get a free estimate.
TPRM is a risk management process that is used to evaluate the third-parties within your business ecosystem for risks that impact your organization’s security posture. The last thing your company wants to deal with is a breach or security incident because a third-party decided that security was not a priority. During the TPRM process a third-party vendors risk is evaluated based on a standard criteria used for all vendors. Next, each third-part vendor is assigned a risk rating based on the level of risk. Afterwards, the third-party risks are identified we will monitor the remediation efforts. If the risk is not reduced vendors can and will be suspended from business operations or terminated from the vendor ecosystem.
Third-parties can be vendors, suppliers, partners, resellers, contractors, or any other company that is included in your manufacturing, distribution, or production process. In other words, it is all the companies in the supply chain that help keep your product or service in the “hands” of customers. These third-parties make up your organization’s business ecosystem and are critical components in sustaining functionality and operational success.
Some organizations go to a third party to reduce internal cost, time, effort, etc. In blind hopes that this company who is performing said service will be adherent and proactive at managing their own risk, this is not always the case. After Extending your enterprise by enlisting third-party support you immediately inherit that parties risk. Every organization is under high scrutiny from regulators to manage its supplier(s)/manufacturer(s)/vendor(s) third-party risk more effectively. We deliver an effective third-party risk solution for your organization, by creatively solving your risk assessment needs. Our past clients realized that If they did not assess their third-party risks, they could not properly manage their internal and external operations. We provide your organization with one-off and full risk assessment and management services based on the size and scope of your existing environment but completing a simple risk assessment is not always the best option for the long-term. That is why we offer our clients a variety of services so they can determine the best fit for there organization. We can provide insight if wanted, just set up a free consultation with our experts today.
- Cyber Risk – risk that is cybersecurity related risk. For example, a security breach, 3rd party vendor does not handle data properly, cyber attack, malware, etc.
- Legal/Compliance Risk – risk that impacts your organization in a legal manner. For example, breach of contract, non-compliance, not following industry regulations, etc.
- Strategic Risk – risk that is related to business objective and strategy. For example, bad decisions, objectives and mission do not align, etc.
- Reputational Risk – risk that impacts your reputation directly or indirectly. For example, a data breach, public shaming, unethical decisions that lead to dissatisfied customers, etc.
- Operational Risk – risk that disrupts business operations. For example, vendor is a major supplier and is non-compliant and you have no back up, data breach leads to loss of data and business operations are delayed, etc.
- Financial Risk – risk related to financial problems. For example, a company is performing poorly and does not have the necessary revenue to spend on cybersecurity, poorly managed supply chain leads to loss/delays in product development or launch, etc.
- Automate as much of the process as possible.
- Consider all possible risks, don’t be singularly focused.
- Prioritize vendor assessments by tiers based on risk level and importance to your vendor ecosystem.
- Be consistent with your assessments and use easily comparable data.
**This is just a list of general improvements to get the ideas flowing and is not a definitive list of every possible TPRM best practice.**
- Reduced costs and the amount of time it takes to resolve issues.
- Improves the management and control of third-party relationships.
- Reduces the number of third-party related incidents and losses.
- Save time and effort when assessing third-party contractor risk.
- Cuts the cost and time it takes to resolve issues.
- Leads to a reduction in threats to keep business health in good standing.
Some organizations switch to a third party to reduce internal cost, time, effort, etc. Once your enterprise acquires a third-party’s support you also inherit that parties risk. Every organization is under high scrutiny from regulators to manage its supplier(s)/manufacturer(s)/vendor(s) third-party risk more effectively. We deliver an effective third-party risk solution for your organization by creatively solving your third-party risk assessment requirements. Our clients realized that If they did not assess their third-party risks they could not properly manage their internal and external operations. Therefore, we started providing the organization with full-scale risk assessment and management services based on the size and scope of their existing environment. Completing a simple risk assessment in-house was no longer the best option. If you need something that is more efficient, try our TPRM solution. We make the Third-Party-Risk Management (TPRM) lifecycle simple. All we have to do is follow the 5 stage process for each assessment. It starts with Planning, Assessment & Due Diligence, Contract & Onboarding, Ongoing Monitoring, and and ends with Renewal or Termination.
Outsourcing your TRPM does not remove the responsibility or liability from your organization. Doing so will only make it easier to manage. Yet, managing third-party risk has become increasingly complex due to the sheer number of vendors involved now-a-days. Building a strong foundation is key, planning how to manage this risk in your relationships is essential to your business continuity. That is why we assess for performance too, not just risk. Accordingly, Praetorian Secure provides services that account for all types of risks.
Some of the top challenges for risk management are manual processes, lack of scalability, and disconnected or “over” siloed processes.
- Manual processes are inefficient and take longer to complete than automated processes.
- Lack of scalability crushes an organization’s ability to grow do not let your risk third-party risk management process hold you back.
- Having too many segments or silos can lead to a disconnect of information and a sluggish process.
– Reduce Costs
– Optimize Operational Efficiency
– Improved Confidence With Vendors
– Higher Customer Retention & Satisfaction
– Less Disturbances In Business Operations
– Inventory Of Third-Party Vendors With Ratings
– Quicker Turn Around Time Of Risk Assessments
– Increased Trust Amongst Vendors & Customers
– Financial Gains Due To Successful Management Of Third-Party Risk
– Allows You To Address Issues In Shorter Time & Req. Less Resources
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