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TPRM – Third Party Risk Management

TPRM - THIRD PARTY RISK MANAGEMENT

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TPRM

What is TPRM – Third-Party Risk Management?

TPRM stands for Third-Party Risk Management. It’s a crucial practice for any organization that relies on third-party vendors, suppliers, partners, or contractors to conduct business. Essentially, it’s the process of identifying, assessing, and mitigating the risks associated with these partnerships.

Why does your Organization require TPRM – Third Party Risk Management?

  • Improved Risk Visibility and Management: TPRM helps organizations to identify and understand the risks posed by their third parties. This allows them to prioritize their risk mitigation efforts and allocate resources more effectively.
  • Enhanced Compliance: TPRM can help organizations to comply with a variety of regulatory requirements, such as those related to data privacy, security, and financial crime.
  • Reduced Costs: By identifying and mitigating risks early on, TPRM can help organizations to avoid costly disruptions, data breaches, and other incidents.
  • Strengthened Relationships: TPRM can help organizations to build stronger relationships with their third parties by demonstrating their commitment to risk management.
  • Improved Decision-Making: TPRM can provide organizations with the information they need to make informed decisions about their third-party relationships.

Why does your Organization require TPRM – Third Party Risk Management?

  • Improved Risk Visibility and Management: TPRM helps organizations to identify and understand the risks posed by their third parties. This allows them to prioritize their risk mitigation efforts and allocate resources more effectively.
  • Enhanced Compliance: TPRM can help organizations to comply with a variety of regulatory requirements, such as those related to data privacy, security, and financial crime.
  • Reduced Costs: By identifying and mitigating risks early on, TPRM can help organizations to avoid costly disruptions, data breaches, and other incidents.
  • Strengthened Relationships: TPRM can help organizations to build stronger relationships with their third parties by demonstrating their commitment to risk management.
  • Improved Decision-Making: TPRM can provide organizations with the information they need to make informed decisions about their third-party relationships.

Our Approach

1. Defining Organizational Goals and Risk Appetite:

  • Identifying the organization's overall risk tolerance and objectives for TPRM.
  • Aligning TPRM goals with the broader Enterprise Risk Management (ERM) program.
  • Determining the types of Third-Party Relationships that fall under TPRM scope.

2. Developing a TPRM Framework:

  • Establishing clear policies and procedures for managing third-party risk.
  • Defining risk assessment methodologies and scoring criteria.
  • Outlining risk mitigation and remediation strategies.
  • Assigning roles and responsibilities for TPRM activities.

3. Identifying and Inventorying Third Parties:

  • Creating a comprehensive list of all third-party vendors, suppliers, and service providers.
  • Categorizing third parties based on their criticality and risk level.
  • Collecting basic information about each third party, such as size, location, and industry.

4. Conducting Risk Assessments:

  • Evaluating the potential risks associated with each third party based on defined criteria.
  • Considering factors such as financial stability, security practices, compliance history, and operational resilience.
  • Applying risk assessment techniques and questionnaires to gather data and score risks.

5. Mitigating and Remediating Risks:

  • Developing action plans to address identified risks based on their severity and likelihood.
  • Implementing risk mitigation strategies such as contractual agreements, insurance, or monitoring activities.
  • Collaborating with third parties to improve their security posture and compliance practices.

6. Monitoring and Continuously Improving:

  • Regularly monitoring the performance and risk profile of third parties.
  • Updating risk assessments as needed based on new information or changes in the relationship.
  • Conducting periodic reviews of the TPRM program to ensure its effectiveness and alignment with evolving threats.

Risk Advisory

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IT Risk Management

IT risk management involves identifying, assessing, and mitigating risks related to information technology systems, processes, and assets. This includes analyzing potential threats, vulnerabilities, and impacts on business operations, implementing risk mitigation strategies, and monitoring risk levels to minimize potential negative outcomes. The goal is to proactively manage IT-related risks, protect critical assets, and support business objectives effectively.

SIG – Standardized Information Gathering

Standardized Information Gathering (SIG) is a structured approach to collecting and assessing information about vendors, suppliers, and third parties. This process involves using standardized questionnaires or assessments to gather data on various aspects of a vendor's operations, including cybersecurity practices, data protection measures, compliance with regulations, and business continuity plans. The goal of SIG is to streamline the assessment process, make informed decisions about vendor relationships based on objective criteria.

Backup and Disaster Recovery Tests

Backup and disaster recovery tests involve validating the effectiveness of backup and recovery processes and procedures. This includes conducting tests such as data restoration, system recovery, and failover simulations to ensure that critical data and systems can be restored and operational in the event of a disaster or disruption. The goal is to verify the readiness of backup and recovery mechanisms, minimize downtime, and maintain business continuity in the face of unexpected events.

Incident Management and Response

Incident management and response involve processes for detecting, analyzing, and responding to security incidents effectively. This includes identifying and classifying incidents, containing the impact, investigating the root cause, and implementing corrective actions to prevent future occurrences. The goal is to minimize the impact of security incidents, restore normal operations swiftly, and improve overall incident response capabilities.

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