Vendor Risk Software - Third Party Risk Management (TPRM)

TPRM Overview

Third party risk management (TPRM) is a structured approach to analyze and control risks arising to the organization from third parties. Mainly third parties are: Vendors Customers Joint ventures Counterparties Fourth Parties Third-party relationships can be a significant source of enterprise risk. The propagation of third-party partners, regulatory pressure, and the complexity of cyber-related risks has led companies to dedicate more time and attention to the potential risks by third parties. They enable companies to be flexible and competitive in a global business environment. These relationships often allow companies to delegate important tasks so that they can focus on their core competencies. With the benefits gained from third parties comes related risks that pose significant threats to a business, such as cyber breaches, business continuity challenges, or reputational damage.
Frameworks

Key Functionality

  • Take inventory of all third parties the organization has a relationship with.
  • Catalog cyber security risks that third parties can expose the organization to.
  • Assess and segment third parties by risk and focus on all activities defined as critical activities.
  • Develop rule-based diligence testing to stay focused on third parties with the most critical cyber security risk.

    Features of the Vendor Risk Software

    The third party risk management software is packed with lots of features to truly make it an excellent resource for the risk management departments to manage vendor risk and third party risk.

    Centralised automated solution offering management of all third party vendors under one roof

  • A collaborative, secure environment for customers and vendors to share information
  • Well defined access control for key risk management stakeholders in your company
  • Ability to track and monitor ongoing vendor risks
  • Ability to request mitigation from vendor, terminate relationship or collaborate with third party to improve security measures
  • Ability to prioritize vendors according to the organizational importance.
  • Provides complete reporting and analysis of vendor risks and benchmarking against industry standards
  • Reduce time on assessments by requesting for already completed assessments for a specific vendor
  • Built-in evidence collection, review, and remediation workflows for faster risk analysis
  • Risk scoring of vendors generated from a multitude of factors to better manage vendor risk

    Request a Demo

    For a free, no obligation demo, please send an email to manoj.jain@riskpro.in for more details on how we can help your company. For a small monthly subscription, you can sign up for the Vendor Risk Management software.

  • More Info: 
    info@riskpro.in
    Tags: 
    Tags: 

    Other Services of Interest

  • DSCI Data Privacy Framework Certification

    Overview With the frequency and magnitude of cyber-crime attacks on the rise, data security and privacy management are becoming a major concern for IT departments. Proactive measures, Policies,...
  • Get Ready for India Personal Data Protection - Overview of DSCI’s Data Privacy Framework

    To protect the privacy of personal information from unauthorized use, disclosure, modification, or misuse, DSCI has conceptualized its approach towards privacy in the DSCI Privacy Framework (DPF©)...
  • Riskpro's AML/CFT Services

    Riskpro provides AML/CFT services that includes regulatory gap analysis, policies and procedures relating to AML. The services includes. Sanctions Processes Regulatory Requisites Conformity to...
  • Overview of Cloud Security - Free Webinar

    EVENT OVERVIEW: Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage,...
  • SSAE 18 - Free Webinar to get you Compliance Ready

    EVENT OVERVIEW: Third Party Assessments using SSAE 18 standards are important for Indian Companies as they try to sell in US markets. Get a clear picture of what exactly is SSAE 18 and how to comply...
  • Cloud Security - Knowledge Snippets

    Riskpro presents a series of 5 articles / newsletters on cloud security. Cloud computing is attractive because it offers agility, resiliency and economy to organisations which adopt it. What is less...
  • Riskpro's Service Verticals

    In today's world, risks are not few. An enterprise faces various risks and challenges and is subject to uncertainties and negative impacts from these risks. Managing risks is your key to untapped...
  • Privacy and Data Protection Services - General Data Protection Regulation (GDPR)

    The EU General Data Protection Regulation (GDPR) is the most important change in data privacy regulation in 20 years. Riskpro India now offers Indian companies Data Protection assessments, GDPR...
  • Risk 365 - Risk Outsourcing Redefined

    For the first time in India. A unique flat fee pricing for a large set of risk and compliance services. Why pay per assignment, per training, per SOP. Get all this at a fixed price. Let Riskpro...
  • Go to top