We’re introducing our Network Approach to Third Party Risk Management strategy guide, where we explore challenges, solutions, and why our collaborative approach is unmatched by other systems.
How to start and scale a program? What tools are needed to get through this without having to add bodies to the process?
How to start and scale a program? What tools are needed to get through this without having to add bodies to the process?
The current challenges of TPRM
Today’s typical enterprise has hundreds or thousands of third-party relationships around the globe. States are implementing legislation to decrease third-party related breaches, and the rising political pressures are coupled by increasing reputational and financial risks.
As a result, enterprises are taking greater measures to address and manage their third party risk. However, the traditional methods are not enough to keep up with the growing demand to securely engage in outsourced, global third party relationships.
The traditional approach to TPRM is highly dependent on one-off spreadsheets, it is time-consuming and resource intensive for enterprises and third-parties. Our strategy guide explores the drawbacks of this approach for both sides and proposes a new way of doing things.
After all, our CEO spent years on the receiving end of gigantic spreadsheets with security questions until he decided to fix this issue. Today, we are helping companies across all industries to accelerate vendor assessments and scale the security response process with our network approach.
“I set out to fix the ‘rinse and repeat’ problem with third-party risk assessments by simplifying information sharing for enterprises and their vendors.”
As explained in the strategy guide, our network approach to third party risk management leverages previous assessments on common vendors, thus removing the tedious tasks of performing reviews from scratch. At the same time, it allows organizations to customize assessments and trust score models, so different industries can understand their risk environment and streamline risk assessment.
We do this through our comprehensive platform including robust capabilities for enterprises and vendors. ThirdPartyTrust is a workflow management, document repository and process automation platform that gets TPRM programs out of email & spreadsheets.
For third parties, it’s a centralized security profile to store all questionnaires, certifications and attestations, and easily share them with their customers. This ultimately cuts down manual, repetitive efforts and the need to answer the same security questions over and over again via email.
ThirdPartyTrust is the most simple, yet comprehensive solution to scaling third party risk management. Whether you need to accelerate the vendor assessment & questionnaire review process, or scale your security response process as a vendor, we are here to help.
Click here to learn more about our third party risk management solutions.
We do this through our comprehensive platform including robust capabilities for enterprises and vendors. ThirdPartyTrust is a workflow management, document repository and process automation platform that gets TPRM programs out of email & spreadsheets.
For third parties, it’s a centralized security profile to store all questionnaires, certifications and attestations, and easily share them with their customers. This ultimately cuts down manual, repetitive efforts and the need to answer the same security questions over and over again via email.
ThirdPartyTrust is the most simple, yet comprehensive solution to scaling third party risk management. Whether you need to accelerate the vendor assessment & questionnaire review process, or scale your security response process as a vendor, we are here to help.
Click here to learn more about our third party risk management solutions.
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Sabrina Pagnotta
Sr. Content Strategist