Imagine completing a vendor risk assessment in 3 days instead of chasing vendors for weeks to get their security documentation… How would you like to be able to minimize time-consuming assessment tasks with workflows and automation? Or building a scalable third party risk management (TPRM) process across dozens of business units and subsidiaries?
That’s what this TPRM case study shows. The profiled organization, who chose not to disclose their name, is an American conglomerate manufacturer of industrial products with 24,000 employees and hundreds of vendors across the globe. The Cyber Security Risk Management team could not keep up with the growing demand to engage new vendors with a manual, time-consuming third-party risk assessment process. They chose ThirdPartyTrust to accelerate and scale their TPRM program.
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The Search for a TPRM Tool
Third party risk management is a complex space, with many products and services spread throughout the organization. Managing all third party vendors can consume lots of resources and time, so every decision is strategic about automation and saving resources.
The Sr. Cyber Security Risk Manager at this global manufacturer needed a cost effective solution, as automated as possible, in order to reduce:
- Manual efforts
- Duplicated tasks
- Back & forth via email and phone
Selecting ThirdPartyTrust
Most of the other TPRM platforms they evaluated were either not cost effective, or they required too much manual intervention. So what brought value to the table in the ThirdPartyTrust platform was the fact that it would take away a lot of that off the team’s plate.
We did a PoC that assessed 25 of our third party vendors, and we really liked what ThirdPartyTrust had to offer. The team has been extremely professional to work with”.
Usability At Its Best
When asked about usability, the team highlighted the ease of use and the ability to have a quick view of the overall health of the vendor ecosystem. With a custom set of labels, the system determines the requirements for each third party vendor, so they just need to log in and go through the watchlist. It’s also very easy to get in touch with the vendor and report findings on the questionnaires, certifications, insurances, etc.
“I did not want my team to be doing things on the platform and then having to communicate with the vendors via email and calls. Now we’re tracking conversations in the ThirdPartyTrust platform and I can keep everything in one place. For audit purposes and compliance, I know where I can find all the footprints that have to do with a vendor”.
Sr. Cyber Security Risk Manager, Industrial Manufacturing Organization
The Results
Automation has greatly reduced the manual efforts and the overall assessment process is now finished much quicker. There’s also room for internal collaboration, with more ownership from the internal client who submits the intake form and initiates the process.
Another advantage of having a cloud based platform is encryption, which is a big concern for security leaders. A lot of companies still share sensitive documentation via email and rely on the recipient to encrypt and safely store that document. However, ThirdPartyTrust offers a secure platform to exchange documentation, which is encrypted in transit and also stored safely.
Having consolidated the third-party risk management process, the team is thinking about bringing in 20 of its subsidiaries to the platform, so the number of vendors managed through ThirdPartyTrust is about to increase dramatically.
As closing words, they stated:
“I would recommend ThirdPartyTrust because it’s cost effective, vendor friendly, delivers quality assessments, and the level of automation greatly reduces our overall resource time”.
Learn how ThirdPartyTrust can help you streamline your TPRM program:
