16. Third-Party Risk Management (TPRM)
Third-Party Risk Management (TRPM) is an ongoing evaluation process for organizations that want to manage the risks of using vendors and outsourcing services and products. A TPRM strategy helps shine a light on areas of potential business risks. We are living in a connected world. No company runs its business without using services and products from other suppliers, and it’s not only the service and product; even the organization relies on suppliers’ data. Big firms have hundreds of data interfaces outside their core network, feeding in/out of data in real time. That’s why risk management without considering the hidden risks introduced by the third parties misses a vital part and leaves the organization with uncontrolled and unexpected risks.
Many robust TPRM solutions in the market offer end-to-end processes for information gathering, onboarding, real-time monitoring, risk, compliance and control assessments, and risk mitigation. An integrated and federated approach that helps your organizations to manage better third-party risks building trust and confidence in third-party relationships and facilitating mutual growth.
Cybermatic team of experts with decades of proven experience can be your trusted partner on this journey by providing you with the below TRRM services:
- TPRM Consultation: If your organization just started looking into TPRM or if you have already implemented a solution, we are here to help you make the correct decision about the TPRM solution adoption.
- TPRM Assessment: Whether you want to onboard a new supplier and assess the new vendor risk by raising relevant security questionnaires or your clients sending you constant security questionnaires through Excel or online forms, we are here to help you.
- Agreement Assessment: If you are about to make an agreement with a thor-party and you want to draft the contract or review the security clauses relevant to the deal, we can help you. We can review your MSA¹, NDA², SLA³, DPA, and any mutual agreement to ensure your third-party risks are under control.
¹ MSA: Master Service Agreement
² NDA: Non-Disclosure Agreement
³ SLA: Service Level Agreement
4 DPA: Data Processing Agreement