Third Party Risk Management
What is TPRM?
Third-Party Risk Management (TPRM) describes the steps that your company makes to minimize the risk that occurs when you bring on a vendor that handles and processes any of your organization’s data. Every company uses third-party vendors for critical functions of the business—for example, billing, payroll, or a CRM platform. Although these third-party vendors are vital to your operations, they also represent significant unknowns when determining your organization’s risk profile.
Understanding how these vendors safeguard and protect your data, as well as their own operations, are critical components in understanding TPRM.
Ultimately, the findings from a Third-Party Vendor Assessment are critical to your business, so you need a partner that understands your business and has significant experience completing thorough assessments and recommending appropriate action.
Third-Party Risk Management Services Overview
Our thorough process ensures no stone lies unturned. If there’s a risk to your business as a result of a third-party vendor or in the way they are treating your data, we’ll find it.
Visibility
Understand your level of inherent risk with each third and fourth-party vendor that your organization is associated with.
Improve how you do business
Develop business processes, communication methods, and best practices for an effective vendor relationship.
Lower your risk
Meet compliance requirements and avoid penalties while increasing protection and sensitivity of your customer’s data.
What we Offer?
Our Third Party Risk Management Services
Vendor Assessment
CyberSapiens will help you conduct a third-party risk assessment to determine how vulnerable your partner data is.
Risk Management
Our Managed Vendor Risk Management Services centers around working with your vendors to reduce risk on a consistent basis.
Managed Security
Our third party cyber risk management services provides the resources to protect partner data on an ongoing basis
Regulatory Compliance
Working with our team will help ensure that all third-party and partner data is stored and handled in compliance with relevant regulations.
Seamless Onboarding
We create a custom intake form and workflow that enables a seamless process for key stakeholders to submit secure and accurate vendor review.
Vendor Visibility
Stay totally informed about the security risks that take place within your vendor ecosystem and lifecycle with our services and technologies.
Our Approach
We provide the expertise and scalability to effectively run your TPRM program. Our approach consists of:
- Acting as the interface between you and your vendors
- Gathering vendor risk information (e.g. questionnaires, risk rating data, SOC II reports, etc.)
- Identifying risk areas and remediation activities (where needed)
- Providing risk reporting, enabling you to make a risk-based decision
- Providing ongoing monitoring and vendor follow up as needed
Build a high-performing TPRM program
Overcome challenges in three key areas on your way to building and managing a sound TPRM program.
Vendor Validation
Quickly and confidently ensure new vendors are within your organization’s risk tolerance.
Challenges include:
- Onboarding and assessing new vendors
- Validating vendor security controls with subjective data
- One-size-fits-all assessment efforts
- Resource constraints
Continuous Monitoring
Reduce the reassessment burden and manage constantly changing risk throughout the vendor lifecycle.
Challenges include:
- Conducting cyber risk assessments more frequently than on an annual basis
- Collaborating with vendors to address areas of risk
- Assessing cyber risk in the extended supply chain
Effective Assurance
Deliver credible evidence that your third parties’ security controls are being managed effectively.
Challenges include:
- A lack of objective information to measure the performance of third parties’ security controls
- Reporting on cyber risk across the vendor portfolio
- Investigating exposure to celebrity vulnerabilities
Get In Touch
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FAQ's
The process of identifying, assessing, and mitigating risks arising from a company's relationships with third-party vendors, contractors, suppliers, or service providers is referred to as third-party risk management. It is the practice of assessing and managing potential risks that may arise when collaborating with third parties to safeguard an organization's reputation, assets, and operations.
Our meticulous procedure ensures that no stone is left unturned. We'll find any risks to your business that are caused by a third-party vendor or the way they handle your data.
Visibility
Understand the level of the inherent risk associated with each third and fourth-party vendor with which your organization is associated.
Improve your Business Practices
Create business processes, communication methods, and best practices to ensure a successful vendor relationship.
Reduce your Risk
Comply with regulations and avoid penalties while increasing the security and sensitivity of your customers' data.
Vendor Assessment
CyberSapiens will help you conduct a third-party risk assessment to determine how vulnerable your partner's data is.
Risk Management
Our Managed Vendor Risk Management Services centers around working with your vendors to reduce risk consistently.
Managed Security
Our third party cyber risk management services provide the resources to protect partner data on an ongoing basis
Regulatory Compliance
Working with our team will help ensure that all third-party and partner data is stored and handled in compliance with relevant regulations.
Seamless Onboarding
We create a custom intake form and workflow that enables a seamless process for key stakeholders to submit secure and accurate vendor reviews.
Vendor Visibility
Stay informed about the security risks that take place within your vendor ecosystem and lifecycle with our services and technologies.
We provide the expertise and scalability to effectively run your TPRM program. Our approach consists of:
- Acting as the interface between you and your vendors
- Gathering vendor risk information (e.g. questionnaires, risk rating data, SOC II reports, etc.)
- Identifying risk areas and remediation activities (where needed)
- Providing risk reporting, enabling you to make a risk-based decision
- Providing ongoing monitoring and vendor follow-up as needed
Vendor Validation
Quickly and confidently ensure new vendors are within your organization’s risk tolerance.
Challenges:
- Onboarding and assessing new vendors
- Validating vendor security controls with subjective data
- One-size-fits-all assessment efforts
- Resource constraints
Continuous Monitoring
Reduce the reassessment burden and manage constantly changing risks throughout the vendor lifecycle.
Challenges:
- Conducting cyber risk assessments more frequently than on an annual basis
- Collaborating with vendors to address areas of risk
- Assessing cyber risk in the extended supply chain
Effective Assurance
Deliver credible evidence that your third parties’ security controls are being managed effectively.
Challenges:
- A lack of objective information to measure the performance of third parties’ security controls
- Reporting on cyber risk across the vendor portfolio
- Investigating exposure to celebrity vulnerabilities
A third-party risk management (TPRM) framework is a structured and systematic approach to managing the risks associated with a company's relationships with third-party vendors, contractors, suppliers, or service providers. Policies, procedures, and controls that help identify, assess, and mitigate risks associated with third-party relationships are typically included in the framework.
Third-party risk management is important because it assists organizations in identifying, assessing, and mitigating risks associated with their relationships with third-party vendors, suppliers, contractors, and service providers. Failure to manage third-party risks can result in a variety of negative outcomes such as financial losses, legal liabilities, reputational damage, and regulatory sanctions. As a result, effective third-party risk management is critical to ensuring business continuity and protecting the organization's assets, reputation, and stakeholders.
Third-party risk management certification is the process of evaluating and certifying an organization's third-party risk management program's effectiveness. It entails evaluating an organization's policies, procedures, and controls for managing the risks associated with third-party relationships.
