TPRM as a managed service (TPRMaaS) can make it easier to establish and operate an organization’s third-party risk management program, combining a purpose-built tool with technical and security expertise. In this blog, we explore the benefits of having risk management operations planned, built, and run as a service.
The challenges around TPRM
The common refrain organizations have is the lack of traction to deliver results around risk identification and mitigation. They either lack the human resources, the tools, or the training to use their tools in the most effective way possible.
Some of the most frequent challenges include, but are not limited to:
- Difficulty in finding qualified resources
- Having a network of third-parties that is too wide and lacks visibility
- Not understanding or prioritizing the third-party network and the inherent risk
- Not being able to collect the information needed to conduct assessments
One of the key benefits that TPRMaaS brings to your organization is establishing repeatable processes and techniques. The deep expertise of the team will guarantee the continuous tweaking and improving of the client’s process until they’re able to show steady progress and get things going.
Business goals are always around process improvements and ways of reducing risk. So the end results always come down to deep insight of what’s happening with the third-party risk management process.
These are some of the triggers that might point to the need for TPRMaaS:
- Difficulty with getting a TPRM project to work
- Lack of immediate results and progress in your program
- Interest in having expert involvement to help with process improvement and decision making to mitigate identified risks
Measuring the benefits
Customers often highlight the operational tasks that are taken care of, and how manual efforts are dramatically reduced. Companies can trust that the TPRMaaS team is behind them, following up on the assessment process, reaching back to their contacts to have them reinforce and overseeing the entire TPRM program.
Meanwhile, they’re able to see standing results and things that don’t stall anymore. They go from uncertainty to clarity regarding:
- Who are the most important or critical third-parties
- Where are the risks
- A comprehensive inventory of third-parties, their prioritization and status
- What security gaps need to be worked on
They also learn the value of a TPRM program as a continuous and key part of their strategy. That is:
- The importance of communicating with each of the third-parties
- The value of sticking to a standardized assessment framework for a swift response
- Paying attention to “actionability” – things you can actually do once the first assessment is over
- The possibility to scale the program
Our ThirdPartyTrust platform can be an integral part of this strategy, combined with the deep expertise of a team of TPRM specialists who are ready to help grow and scale TPRM initiatives.
To learn more about how ThirdPartyTrust can help you streamline your TPRM program, request your free trial now: