Third Party Risk Management
Third Party Risk Management Service
Third Party Risk Management (TPRM) involves systematically identifying, evaluating, and mitigating risks associated with external vendors, partners, or service providers. The goal is to manage and minimize potential risks these third parties may pose to the organization, including those related to security, compliance, and operational performance.
Key Features of Third Party Risk Management
Continuous Monitoring
Regularly tracks third-party performance and compliance throughout the partnership.
Compliance Assurance
Ensures third parties meet regulatory and industry standards.
Risk Mitigation
Implements strategies and controls to manage and reduce identified risks.
Incident Management
Develops protocols for addressing and resolving issues involving third parties.
Documentation and Reporting
Maintains records of risk assessments, mitigation actions, and compliance status for audits and reviews.
Our Value
Core Elements of Third Party Risk Management at AuthenticOne
Risk Identification
Detecting potential risks from third parties, including security, operational, and compliance risks.
Contractual Agreements
Defining risk management terms, compliance requirements, and performance expectations in contracts.
Ongoing Monitoring
Continuously reviewing third-party performance and compliance to ensure risk management.
Incident Response
Creating and executing plans to address and manage third-party issues or breaches.
Due Diligence
Performing comprehensive checks on third parties before forming partnerships.
Risk Assessment
Evaluating the impact and likelihood of identified risks to prioritize responses.
Risk Mitigation
Applying measures to manage and reduce identified risks.
Before onboarding and periodically thereafter.
Yes, all critical third parties can be assessed.
Yes. Risks are prioritized based on impact.
Yes, risk mitigation and control requirements are provided.
Yes, tiered and scalable approaches are available.