When did you last review your third party risk management strategy? The end of the year is the right time to assess your TPRM program and make sure it covers all the bases.
This checklist offers 10 tips to detect gaps or areas for improvement, so you can get ready for the year ahead. The TPRM Checkup is available for free download:
Now is the Right Time to Follow A TPRM Checklist
The TPRM Checklist is a practical recipe to plan, organize, and execute a comprehensive strategy that starts with vendor risk assessments and due diligence, translates them into specific requirements and workflows, and employs streamlined execution tools to ensure that the TPRM program not only reduces enterprise risk, but also adds value to the business.
Whether you’re getting started or taking the next step in TPRM your maturity journey, now is the right time to follow this TPRM Checklist and detect any opportunities or areas of improvement.
Why is Vendor Risk Management Important?
Companies increasingly rely on third party vendors to outsource key business functions, which comes with both benefits and risks. Third party risk management (TPRM) and Vendor Risk Management (VRM) are rapidly evolving as organizations experience new security, privacy, compliance, and business continuity challenges related to their vendors.
Read More: What is TPRM? The Ultimate Guide To Secure Your Vendor Ecosystem
With the shift to remote work and the accelerated digital transformation, the use of vendors (especially cloud providers) makes TPRM a top concern for the board. The strategic role of a vendor risk management program varies significantly based on company size, industry, or applicable laws. However, there are many TPRM best practices that apply to every business, which we’ve compiled in this guide.
An effective TPRM program can reduce the impact of security incidents and reduce a company’s overall risk exposure. With a streamlined evaluation and decision-making process, companies can onboard new vendors faster and more efficiently, with the certainty that they’re making the right choice based on their risk appetite.
Additionally, a third party risk program allows organizations to monitor their vendor relationships over time, detecting new risks as they arise, and monitoring their security posture. Vendor risk management can also help you achieve the following goals:
- Accelerate risk assessments and eliminate the dependency on email & spreadsheets
- Replace point-in-time assessments with continuous monitoring
- Customize the vendor risk assessment lifecycle
- Evaluate more vendors with the same resources, while staying compliant with industry regulations
- Understand vendor connections at a glance in a single risk dashboard
- Use a data-based approach to quantify vendor risk and get a better understanding of how to keep the organization as risk-free as possible
- Automate vendor onboarding and offboarding
If you need to improve your toolkit, ThirdPartyTrust can help by providing a one pane of glass risk dashboard, with end-to-end vendor risk assessment automation for making informed decisions about vendors, and continuously monitoring their security posture.
Let us show you how ThirdPartyTrust can help you reduce third party risk across your supply chain. Talk to an expert today.
Vendor Risk Assessments Should Not Be a Killer
Organizations face rising regulatory pressure coupled by increasing risks. Till now, the process to assess and reduce third party risk has been slow and time consuming, with manual questionnaires and repetitive requests.
This strategy guide explains how to make TPRM easier, solving security and compliance problems for both enterprises and vendors.
