Third-Party Risk Management (TPRM) is the process of identifying, assessing, and controlling multiple risks presented throughout the lifecycle of your organization’s relationships with third parties (contractors, partners, cloud providers, etc.).
This process often starts during procurement and extends all the way through the end of the offboarding process. Our TPRM solutions will guide you through the entire process through:
✓ Vendor Onboarding: Create a consistent, reliable process for vetting new vendors,
✓ Inherent Risk Scoring and Vendor Classification: Determine Due Diligence levels and assessment scope from inherent risk scores,
✓ Vendor due diligence and ongoing monitoring: establish an objective pre-contract process and post-contract cadence,
✓ Automated vendor risk assessment: automatically scope vendor risk assessments and score via preferred responses,
✓ Vendor issue management: identify, manage, and remediate issues across assessment processes,
✓ Vendor contract management: manage third-party agreements, contracts, terms, and other legal documents,
✓ SLAs and vendor performance management: track SLA and perform periodic vendor service reviews,
✓ On-site Vendor Control Assessments: evaluate the effectiveness of third-party control execution with vendor control assessments.