Establishing and keeping relationships with third parties, as an enterprise, brings about multiple risks. In many organizations third-party risk management is still a new business function and TPRM importance may not be clear.
Regardless of your organization size, as an enterprise you most certainly have business relationships with many third parties for specific types of operations. These operations and relationships require data and confidential information exchange and you can imagine that this is where risk comes into the equation.
Third-party risk management (TPRM) is a complex, yet very important process that is constantly balancing the needs of the business against the goals of quantifying and reducing risk exposure posed by the growing number of third parties.
As part of your TPRM assessment, you (or your team) need to provide a comprehensive view of the risk that your current relations with third parties represent and the risk a new third party may introduce to the business. TPRM also makes sure to include in your calendar the reassessment of third parties periodically throughout the vendor lifecycle.
Understanding this new reality, TPRM teams can typically be understaffed and may still be using spreadsheets and email to manage the TPRM process internally with stakeholders and externally with third parties. As a result, the productivity in both the number and quality of assessments is negatively impacted, and ultimately, risk goes unassessed and the business is needlessly left exposed.
ThirdPartyTrust is the only TPRM solution built with a Network Approach for both enterprises and third parties, which offers the most simple, yet comprehensive online SaaS solution to building and scaling third party risk management.
By using the ThirdPartyTrust solution, security analysts get to spend more time analyzing data than collecting it; trust is built and mapped within the third-party ecosystem; and enterprises can simplify and scale their TPRM program while third parties can scale their security response processes.