Third-Party Risk Management (TPRM)

Helping you build a secure TPRM foundation.

We understand the unique challenges faced by organisations when it comes to managing third-party risks

Source: Cybersecurity Breaches Survey 2023
By:National Cyber Security Centre (NCSC)

Only 13% of businesses in the UK review the risks posed by their immediate suppliers.

Your reliance on vendors and partners is essential for agility, flexibility and success, but it all too often introduces vulnerabilities and risks that go under the radar.

That’s where we come in. We specialise in helping organisations build a robust and efficient TPRM framework. We equip you with the strategic guidance, clear processes, and comprehensive documentation you need to manage your third-party relationships securely.

Benefits of a Strong TPRM Program:

  • Enhanced Security: Protects your organisation from vulnerabilities and threats introduced by third-party vendors.

  • Regulatory Compliance: Ensures compliance with industry regulations and standards, reducing the risk of legal penalties and fines.

  • Operational Resilience: Improves business continuity and disaster recovery planning, ensuring your operations remain uninterrupted.

  • Cost Savings: Identifies and mitigates potential risks early, avoiding costly breaches and disruptions.

  • Improved Vendor Relationships: Establishes clear expectations and accountability with vendors, fostering more reliable and transparent partnerships.

  • Risk Visibility: Provides comprehensive insights into third-party risk exposure, enabling better-informed decision-making.

  • Reputation Protection: Safeguards your organisation’s reputation by ensuring that third-party interactions do not compromise your standards and integrity.

How We Help You Build a Secure Foundation

1. Strategic Assessment:

We conduct a thorough evaluation of your current TPRM practices, identifying gaps and areas for improvement. This assessment considers industry best practices, relevant regulations, and your specific business needs.

2. Process Development:

We’ll work collaboratively with you to develop or update your TPRM policies and procedures. These ensure a clear and efficient workflow for identifying, assessing, and mitigating risks associated with third parties.

2. Critical Asset Supplier Identification & Assessments:

Together, we’ll pinpoint your most critical third-party vendors and partners managed assets with bespoke Business Impact Assessments (BIA) and Data Protection Impact Assessments (DPIA) to understand the potential impact of disruptions from these critical relationships.

4. Contractual Safeguards & Third-Party Vetting Foundation:

We’ll help you design comprehensive risk proportions infosec requirement questionnaires and establish a process for assessing the security posture of your third parties throughout the procurement process.

We collaborate with you to develop secure contracts with clear security requirements outlined using a RACI Matrix (Responsible, Accountable, Consulted, Informed). This establishes ownership and accountability for security measures within both your organisation and the third party.

5. Performance Measurement & Exit Strategy Development:

We work with you to define monitoring, measurement and review processes for continuous compliance and performance with Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs) specific to high risk third party provided assets or services.

Having a clear plan for ending relationships with third-parties is crucial. We’ll help you develop exit strategies that minimise disruption and ensure data security during the offboarding process.

6. Business Continuity & Third-Party Transitions:

We can assist you in integrating your TPRM program with your existing Business Continuity and Disaster Recovery (BCDR) plans. This ensures your preparedness for unforeseen events that impact your third-party relationships.

7. Roadmap & Stakeholder Management:

We believe in a collaborative approach. We’ll work with you to develop a roadmap for continuously improving your TPRM program, ensuring it adapts and evolves alongside your business.

Effective communication and collaboration are essential for a successful TPRM program. We can help you engage key stakeholders and ensure everyone understands their roles and responsibilities within the program.

Ready to start your

Journey

Get in touch to discuss how we can help protect your business from cyber threats and ensure compliance with industry regulations. Let’s build a secure future together.