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Third Party Risk Managment (TPRMaaS)

By, p3t4r
  • 20 Jul, 2023
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Third party risk
Managamanet - TPRM

Third Party Risk Management (TPRM) is a systematic approach to identifying, assessing, and mitigating potential risks associated with the involvement of external entities or third parties. These third parties may include suppliers, partners, contractors, service providers and any external partners with whom the organisation works. The objective of the TPRM is to ensure that activities and relationships with third parties do not pose significant risks to the security, confidentiality, integrity and availability of the organisation's sensitive information and resources.

  • Third party identification
  • Risk assessment
  • Due diligence
  • Contractal provisions
  • Control and monitoring
  • Incident response plan

How does the service of TPRM work

Third party identification

Compiling a comprehensive inventory of all relationships and collaborations with third parties.

Risk assessment

Evaluating the potential risks and vulnerabilities of each third party.

Due Diligence

Conducting thorough assessments and investigations to verify the reliability, reputation and security practices of third parties.

Contractual provisions

Establishing clear and comprehensive contracts that define expectations, responsibilities, safeguards and compliance requirements for third parties.

Incident response planning

Working with third parties to develop incident response plans in the event of security incidents or data breaches.

Audits and assessments

Conducting regular audits and assessments to ensure third parties' compliance with safety standards and contractual obligations.

Communication and reporting

Conducting regular audits and assessments to ensure third parties' compliance with safety standards and contractual obligations.

Continuous improvement

Emphasising continuous improvement of TPRM processes based on new threats, changing business environments and industry best practices.

Documentation and record-keeping

Maintaining comprehensive documentation of all activities, assessments and decisions under the TPRM.

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