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.
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.