Third Party Risk Management

Third Party Risk Management (TPRM)

Organizations implement TPRM programs as a formal way to evaluate, track and measure third-party risk, assess its impact on all aspects of your business, and develop compensating controls or other forms of mitigation to lessen the impact on the business if something should happen. A formal TPRM program provides consistency for managing supplier and vendor relationships as well as establishing a methodology to share risk information about them within your organization.

Third Party Management Charter and Policy Review

Third party management needs to be treated as a continuous program in order to be successful. Articulating and documenting an executive leadership approved third party management charter will establish enterprise expectations, define success criteria, and will serve as the guidepost for successfully developing a TPRM program.

A full review of the current Third Party Management Policies will be performed, and recommendations presented for their improvement. In addition, we will assist in the creation and subsequent approval for standard provisions that every contract should contain related to cyber risk.

TPRM Framework - Topology and Categorization

A third party topology establishes the definitions for the vendor categorization and associated topology framework for managing all external entities including suppliers and vendors. In addition, this exercise will establish the risk criteria by which a third party is placed into a defined category. This process and associated activities are managed within the comprehensive CRT TPRM module.

This includes the creation of a roadmap framework to manage the contract termination/renewal dates and an action plan to update the contracts with the standard provisions on or near a contract event date.

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Cyturus can assist in establishing an integrated Risk Register.  The CRT Risk Register module is an integrated tool for documenting risks to the business, categorizing by response strategy (Avoidance, Transferring, Mitigation, Acceptance) and documenting the actions to manage and maintain the current status for each of the identified risks. A Risk Register is essential to the successful management of organizational risks and the CRT Risk Register is an integrated module providing the required functionality throughout the organization.

Our TPRM service is based on our proprietary Adaptive Risk Model (ARM) methodology. The Cyturus ARM identifies deficiencies, measures potential business impact, and recommends prioritized remediation actions across the entire enterprise. This service can be ingested into the Cyturus ARM framework for deeper examination and lateral impact as part of a future holistic engagement.

Does your organization have a formal TPRM program?  Do you have an integrated tool with which to manage third party risk and associated external risk assessments?  Do you need expert guidance in that development? Contact us to discuss your TPRM strategy and program maturity.

Cyturus can assist in establishing an integrated Risk Register.  The CRT Risk Register module is an integrated tool for documenting risks to the business, categorizing by response strategy (Avoidance, Transferring, Mitigation, Acceptance) and documenting the actions to manage and maintain the current status for each of the identified risks. A Risk Register is essential to the successful management of organizational risks and the CRT Risk Register is an integrated module providing the required functionality throughout the organization.

Our TPRM service is based on our proprietary Adaptive Risk Model (ARM) methodology. The Cyturus ARM identifies deficiencies, measures potential business impact, and recommends prioritized remediation actions across the entire enterprise. This service can be ingested into the Cyturus ARM framework for deeper examination and lateral impact as part of a future holistic engagement.

Does your organization have a formal TPRM program?  Do you have an integrated tool with which to manage third party risk and associated external risk assessments?  Do you need expert guidance in that development? Contact us to discuss your TPRM strategy and program maturity.

The CRT Third Party Risk Management module enables the methodical creation of a formal TPRM program providing consistency for managing  third parties and establishes a methodology to share documented risk information and scoring within the organization.