Third-Party Risk Management

Service Areas / Governance, Risk, and Compliance / Third-Party Risk Management

Understand and Manage your Third-Party Risk

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 understanding Third-Party Risk Management (TPRM).

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 are critical to your business, so you need a partner that understands your business and has significant experience completing thorough assessments and recommending appropriate action.

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Third-Party Risk Management

A TPRM strategy helps shine a light into areas of potential business risk. 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.

We also recognize that not all assessment needs are identical, so MPG offers four different assessment types tailored to your unique TPRM requirements.

Consulting Services

Onsite Assessments

MPG’s onsite assessment services are a great fit for your most crucial vendors. Created for your vendors that process highly critical data and information such as extensive personally-identifiable information (PII) or account balances, MPG has the industry expertise and know-how to ensure that no stone lays unturned. In this two-day onsite assessment engagement, our team works on your site with your people to determine how and where your data or critical functionality, and thus business, may be at risk. Following our custom-created questionnaire, our analysts will review vendor-provided policies and evidence, and thoroughly report on findings. In many cases, organizations also chose to complete a SOC report before launching an onsite third-party vendor assessment.

Desk-Based Assessments

Not all of your vendors fall into the level of criticality that requires must-have onsite resources (although we can certainly come to your facility for these, too!). Our desk-based assessments use the same proven methodology as our onsite assessments but rely more heavily on our vendor questionnaire, along with the skill of our analysts to know when they need to dig deeper with a specific vendor.

Offshore Assessments

In some cases, to complete an effective and thorough assessment, you need to visit your third-party vendor in-person, or travel to a foreign business location that more closely manages your vendor relationships. Regardless, MPG can apply our same award-winning services with the same proven assessment framework.

Fourth-Party Vendor Assessments

In this tremendously interconnected world, it’s also possible 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.

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Assessment Frameworks

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.

How to Choose a Framework

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Financial Services

Change is the only constant for financial services organizations. The systems for financial landscape continue to get more complex every day. It’s more important than ever for your organization to keep the trust of its customers and ensure the safety of personal information. Services like penetration and third-party risk management (TPRM) can make a world of difference in your overall security posture. With the help of MindPoint Group, your organization can maintain compliance, detect system risks, and stop attacks before they start.