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 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:
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:
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:
They also learn the value of a TPRM program as a continuous and key part of their strategy. That is:
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:
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