Do you use vendors with your business? Do they have access to any of your systems, data, customer information? Do you have a plan in place to manage your vendors and the information they can access and how to mitigate your risk exposure?
Third-Party Risk Management (TPRM) starts with the steps that your company makes to minimize the risk that occurs when you bring on a vendor that handles and processes any of your organization's data. Every company uses third-party vendors for critical functions of the business—for example, billing, payroll, or a CRM platform. Although these third-party vendors are vital to your operations, they also represent significant unknowns when determining your organization’s risk profile.
Understanding how these vendors safeguard and protect your data, as well as their own operations, are critical components in managing third part risk to your organization. Accounting for the risk exposure for your third-party vendors is a hard requirement for your annual compliance audits. While TPRM might be a regulatory requirement for your industry, your TPRM program can do more than check a compliance box. Ultimately, the findings from a Third-Party Vendor Assessment (TPVA) are critical to ensuring your businesses information is secure, even if you provide some of that information to your vendors.
To create a better security posture for your vendor network, you need a partner, like MindPoint Group, that understands your business and has significant experience completing thorough vendor assessments and recommending appropriate actions.
We suggest starting with our Free TPRM Ebook to better understand why you should have a TPRM Program, how to conduct a TPVA, and a process for continuous monitoring of your vendors.
Our thorough process ensures no stone lays unturned. If there’s a risk to your business as a result of a third-party vendor or in a way they are treating your data, we’ll find it.
Understand your level of inherent risk with each third and fourth-party vendor.
Improve how you do business
Develop business processes, communication methods, and best practices for effective vendor relationship management.
Lower your risk
Meet compliance requirements and avoid penalties while increasing protection and sensitivity of your customer’s data.
RMF assessments that go deeper
TPRM and Compliance Experts
We have 14 years of experience working with some of the most secure environments in the world and help customers in heavily regulated industries, like FSI, to improve their TPRM processes.
Our knowledge and expertise with many Risk Management Frameworks and compliance requirements across industries allow us to see where there might be gaps in your existing security posture. If you need TPRM to comply with other compliance frameworks, such as HIPAA, GLBA, or PCI DSS, we’ve got you covered.
We specialize in cybersecurity. We have the skill sets to go beyond a traditional “check the box” assessment, digging deeper to ensure you understand your risk so that it can be corrected.
Third Party Risk Management Features
We have experience performing a variety of assessment types depending on your needs. Whether you need onsite assessments for your most crucial vendors, desk-based assessments, or offshore assessments, we’ve got you covered.
Not all assessment frameworks are created equal. One major challenge is that your auditors may have their own expectations and requirements about assessment frameworks. MPG has significant experience here, too. We can tailor our questionnaires to meet your audit requirements while ensuring we identify all risks that may not have been recognized by existing assessment frameworks.
Fourth-Party Risk Management
Managing Fourth-Party Risk is an important part of your risk management program strategy because of the possibility that your existing vendors themselves have vendors that may need evaluation. For those most critical of integrations and relationships, MPG will provide additional assessments of your vendor’s vendors that may impact your business risk. These assessments are common when your existing vendors outsource part of or all of your integration to another vendor.