Third Party Risk Management

Third Party Risk Management

TPRM is the process of identifying, assessing, and mitigating the risks associated with outsourcing non-core functions, products, or services to external entities. These third-party entities can include suppliers, service providers, contractors, consultants, and other organizations that provide critical goods or services that support an organization’s business operations. With the increasing reliance on third-party providers, it is essential for organizations to have a comprehensive TPRM framework in place to minimize their risk exposure.

Our team of experts at Securium Solutions has extensive experience in TPRM and has helped many organizations to effectively manage their third-party risks. Our approach is based on a risk-based methodology and is designed to help organizations identify the most critical third-party providers, assess the risks associated with each provider, and develop a risk mitigation plan to minimize potential exposure.

At Securium Solutions  we are committed to helping organizations of all sizes to build a robust TPRM framework that is aligned with their unique business needs and risk tolerance. Whether you are looking to assess your current TPRM framework, implement a new TPRM program, or monitor and report on your third-party risks, our team of experts is here to help. Contact us today to learn more about our TPRM services and how we can help you to effectively manage your third-party risks.

Key Drivers

 At Securium Solutions we understand the key drivers that are driving the adoption of TPRM and have designed our services to meet the evolving needs of organizations.

Increasing Regulatory Focus : With data privacy regulations like the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), organizations must take steps to protect sensitive customer data that is processed by third-party service providers.

 Rise of Cyber threats : With the increasing number of cyber attacks and data breaches, organizations must take steps to minimize the risk of third-party providers becoming a vector for cyber threats. Our TPRM framework includes security assessments, vulnerability scans, and penetration testing to help organizations identify potential security vulnerabilities in their third-party providers.

The increasing importance of reputation risk is also driving the adoption of TPRM. Organizations must take steps to ensure that their third-party providers maintain the same level of ethical standards and reputation as the organization itself.

At Securium Solutions we understand the key drivers of TPRM and are committed to helping organizations to effectively manage their third-party risks. Contact us today to learn more about our TPRM services and how we can help you to minimize your risk exposure.

Organizational Risks

Third-party relationships are a critical part of many organizations’ business operations and play a significant role in supporting the delivery of products and services. However, third-party relationships can also introduce significant risks to organizations, including operational, financial, and reputational risks.

Operational Risk : Third-party providers may not have the same level of control over their operations as organizations do, and this can result in disruptions to business operations. A third-party provider may experience an outage or a breach, which could disrupt the delivery of products or services to customers. Our TPRM framework includes the performance of regular risk assessments on third-party providers to help organizations identify potential operational risks and to develop a plan to mitigate these risks.

Financial Risk: Third-party providers may not have the same level of financial stability as organizations, and this can result in financial losses for organizations .A third-party provider may default on a contract, resulting in significant financial losses for the organization. Our TPRM framework includes the assessment of the financial stability of third-party providers, and the development of contingency plans to minimize financial risks in the event of a default.

Reputational Risks : A data breach at a third-party provider could result in the loss of sensitive customer data, which could damage the reputation of the organization.

Remediation of Third Party Risk Management

Root cause of the risk : This involves understanding why the risk was not properly managed and what steps can be taken to prevent it from happening again. Once the root cause has been identified, organizations must develop a remediation plan. This plan should include a clear timeline for the completion of the remediation, as well as clear goals and objectives.

Remediation Plan : Organizations must also communicate the remediation plan to the third-party and ensure that the third-party is aware of its responsibilities in the remediation process. This includes setting clear expectations for the third-party and providing the necessary resources and support to help the third-party meet these expectations.

Progress of the remediation Plan: This includes regularly checking the status of the remediation, as well as conducting regular assessments of the third-party to ensure that the risk has been effectively managed.

In conclusion, remediation is a critical aspect of TPRM at Securium Solutions. Our TPRM framework includes a comprehensive remediation process to help organizations manage the risks associated with their third-party relationships. Contact us today to learn more about our TPRM services and how we can help you to effectively manage your third-party risks.

Roles Of Third Party Management

Trusted advisor: We work closely with organizations to understand their specific risk management needs and develop customized TPRM programs that are tailored to their unique requirements.

Technology Provider:The platform provides a centralized repository for all third-party risk information, making it easier to track and manage the risk profiles of individual third parties.

In addition, Securium Solutions offers a range of TPRM services, including risk assessments, due diligence, contract reviews, and ongoing monitoring. These services are designed to help organizations identify potential risks associated with their third-party relationships and take steps to mitigate those risks.

Key Security Questions You Need to Ask (FAQ)

A good TPRM service provider should have a comprehensive approach to TPRM that includes risk assessment, risk mitigation, ongoing monitoring and review of third-party relationships. The provider should also have a clear process in place to manage risks associated with third-party relationships, including regular risk assessments, risk mitigation strategies and contingency planning.

The TPRM service provider should use a risk-based approach to determine the level of risk associated with a third party. This may include assessments of the third party’s financial stability, reputation, and security posture, as well as the nature of the services provided and the criticality of those services to the customer’s operations.

A TPRM service provider should use a combination of on-site assessments, technology-based assessments, and third-party security certifications to assess the security posture of third-party service providers. This may include reviewing the third party’s security policies and procedures, security infrastructure, and security-related personnel practices.

A TPRM service provider should have a clear process in place for monitoring and managing third-party risks on an ongoing basis. This may include regular risk assessments, security audits, and monitoring of the third party’s security posture and compliance with security policies and procedures.

A TPRM service provider should have a well-defined process for handling security incidents and breach notifications for its customers. This may include a 24/7 incident response team, incident investigation and reporting, and post-incident review and remediation.

By asking these questions and evaluating the answers, customers can better understand the TPRM Service Provider’s approach to managing third-party risks and determine if their security needs will be effectively met.

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