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Third-Party Risk Managment
In today's complex business landscape, the risks associated with third-party relationships are higher than ever. From supply chain disruptions to data breaches, your organization faces numerous risks.
We take a comprehensive TPRM approach, managing risks from vendor onboarding through continuous monitoring to offboarding or renewal. Our process includes the identification of impactful inherent risks (financial, compliance, cybersecurity, and resilience), risk tiering to prioritize resources, appropriate due diligence, continuous monitoring to manage risks proactively, and secure termination.
We align TPRM programs to support stringent regulatory requirements, like OCC, FRB, FFIEC, GDPR, and DORA, to protect data, ensure operational resilience, and uphold ethical business practices. An effective TPRM framework ensures compliance, avoiding enforcement penalties, and legal actions while strengthening trust with customers, investors, and stakeholders.
Effective TPRM governance aligns vendor relationships with business goals, regulations, and cybersecurity standards. Without it, financial, operational, and reputational risks increase. We establish clear policies, roles, metrics, and oversight to ensure proactive vendor risk management, compliance, and resilience.
TPRM efficiencies require technology and automation to optimize operations. Manual processes are slow, error-prone, and ineffective for real-time risk tracking. We work with clients to define requirements, evaluate platforms, and implement solutions that automate risk assessments and enable proactive mitigation.
Critical and High-Risk vendors require well-documented and tested exit strategies to ensure business continuity and minimize disruptions in the event of a termination (i.e., vendor continuously cannot meet expectations, vendor is no longer required). Effective exit-strategies enable smooth transitions, protects data, ensures compliance, and mitigates risks like breaches or service gaps
TPRM must be risk-based to prioritize critical threats and risks and allocate resources effectively. Not all vendors pose the same risk level so that a one-size-fits-all approach can lead to inefficiencies and overlooked vulnerabilities. Our tailored approach ensures targeted due diligence, continuous monitoring, and more substantial compliance. This enhances decision-making, minimizes disruptions, and strengthens business resilience.
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