Third Party Risk Management

Organisations wanting to make real improvements must gain operational command of the security posture and risk of their third parties.

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Comprehensive Third Party Risk Management requires regular assessment of your vendor population to ensure that it is being properly managed and that vendor maturity is improving over time.

Organisations are dependent on external vendors to provide services that in turn support their business, however a reliance on vendors is risky, particularly when protecting information across diverse business operations.

Our team provides expert industry advice to help you manage your security reputation and accelerate your third-party risk management programme.

Talk To Our Cyber Risk & Assurance Team

Get in touch to arrange a call with one of our Cyber Risk & Assurance team to discuss how you can enhance your third party risk management.

What's involved?

Increase understanding of business risk and identification of risk mitigating factors
Identification of a list of third parties across business functions
Classification of the Third Parties based on their risk profile

Identification of risk to which your organisation is exposed based on the service(s) provided by the third party
Utilisation of common industry methodology to identify the compliance requirements and assess current level of compliance

Challenges addressed by Third Party Risk Management

No common guidelines for managing third party risk
Risk of reputational damage should an event occur at your third-party
Incomplete population of vendors with sensitive data
Increased focus on securing customer personally identifiable information (PII)
Inconsistent risk assessment and review practices across organisation
Third-party failure to comply with a required regulation

Various compliance requirements not being monitored effectively
Third-party failure to maintain continuation of business as usual (BAU) for your organisation
Risk of doing business in a specific country including legal/regulatory, geo-political and social-economic considerations
Risk of financial loss due to third-party failure or non-performance