Third Party Risk Management
What is Third Party Risk Management (TPRM)?
ResoluteGuard’s Third Party Risk Management Program is an efficient and scalable process for managing risks created by Third Party relationships. This is particularly important for high-risk vendors who process sensitive data or other sensitive information such as Social Security numbers, Credit Card Information, customer and employee personal identifiable information.
Third Party Risk Management is essential for
several reasons:
Protect your Customer and Employee Data
Assessment and segmentation of vendors by potential risks and plan to remediate risks that are above your organization's risk threshold
Assess Your Vendors Cybersecurity Posture
Vulnerabilities if TPRM is not implemented:
- Resiliency: No assessment of business continuity or incident response planning in place
- Solvency monitoring: No assessment of third-party solvency or financial viability
- Security controls: Team does not have adequate accounting of their vendors' security controls
- Regulatory compliance: No measurement of whether third-parties are in compliance with your regulatory and legal requirements
- No contractual obligation to perform vulnerability assessments for vendors or contractors
- Social responsibility: No processes or requirements in place to ensure third-parties are protecting your organization's brand and data
The TPRM process is designed to determine whether your organization’s information is secure and provide the following benefits:
- An inventory of all third-party relationships
- Establish contingency plans for when a third-party is deemed high risk, unavailable or when a third-party data breach occurs
- Assessment and segmentation of vendors by potential risks and plan to remediate risks that are above your organization’s risk threshold
- Improved confidentiality, integrity and availability of your confidential data
- Minimize risk to reputation and quality of your product
- Provide context of expectation for your organization and your vendor(s)
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