Third-Party Risk (TPRM)
Manage third-party cybersecurity risks systematically. We help organizations build a strong TPRM process and reduce risks from vendors and partners.
What is TPRM?
TPRM (Third-Party Risk Management) is a process for managing risks posed by third-party organizations, especially cybersecurity risks.
TPRM Categories
Third-party risks can be classified into four main categories.
Vendor Risks
Cybersecurity risks from vendors and service providers
- Vendor vulnerabilities
- Data exposure
- Service disruption
Partner Risks
Risks from business partners and collaboration partners
- Collaboration risks
- Data sharing
- Integrations
Supply Chain Risks
Supply chain and subcontractor risks
- Subcontractor risks
- Supply chain vulnerabilities
- Dependencies
Cloud Service Providers
Risks from cloud service providers and SaaS companies
- Cloud service risks
- Data location
- Service availability
TPRM Process
TPRM is based on four main processes that form a comprehensive risk management system.
Risk Identification
Identify third-party cybersecurity risks
- Vendor mapping
- Risk identification
- Threat analysis
Risk Assessment
Assess risk probability and impact
- Risk assessment
- Prioritization
- Risk matrix
Risk Treatment
Plan and implement risk treatment
- Action plan
- Risk mitigation
- Risk transfer
Risk Monitoring
Monitor risk development and effectiveness
- Continuous monitoring
- Reporting
- Evaluation
Assessment Steps
Clear and structured process for TPRM assessment and implementation.
TPRM Assessment
Assess current TPRM process and identify gaps
Gap Analysis
Identify gaps and plan remediation measures
Planning
Plan TPRM program and processes
Implementation
Implement TPRM processes and tools
Monitoring
Continuous TPRM process monitoring and improvement
Deliverables
Results and deliverables of the TPRM work.
TPRM assessment report
Risk management plan
Vendor risk matrix
TPRM processes
Monitoring tools
TPRM Benefits
Achieve concrete benefits with systematic TPRM.
Identify third-party risks
Reduce security risks
Improve vendor management
Meet regulatory requirements
Strengthen cybersecurity resilience
Ready to start your TPRM?
Contact us and let's start your third-party risk management.