Third-Party Risk Management Services

Third-Party Risk Management Services

Third-Party Risk Management or Vendor Risk Management is a practice that ensures service providers and IT suppliers do not introduce unknown risks that can cause business disruption, reputational damage or negative impact on business performance. Much like a risk assessment you perform on your own organization, third-party risk management involves the fundamentals: identifying and classifying risk, defining risk tolerance, clarifying roles and responsibilities and developing a mitigation plan. Expanding your current risk management to include your third-party partners requires diligence focused on systems and resources that reside outside your organization.

Risk Management

The average number of third-party business relationships a on the rise. This change is driven by businesses increasingly outsourcing services outside core competency and mainstream acceptance of cloud computing, driving an entirely new class of business tools into your environment. Yet most organizations do not have adequate policies and processes in place to ensure they are protected from often more complicated third-party vendor risks.This puts them at risk from malicious actors that use third parties to launch attacks, exploiting vulnerable back doors, partner portals and less secure accounts to gain access to systems and environments and then moving laterally from there to access valuable data.

If your organization is looking to expand your risk program to include third parties, a TalaTek Third-Party Risk Management engagement will help you:

  • Define your program’s risk appetite, goals, processes and metrics
  • Collect inventories of your third-party partners and the data they access
  • Analyze your third-party partners’ systems for gaps in compliance with your goals, frameworks and regulations
  • Plan appropriate action for each identified risk and design exit strategies for critical third parties
  • Remediate known gaps and implement a governance plan

Unique to TalaTek, we’ll use our TalaTek intelligent Governance and Risk Integrated Solution (TiGRIS) GRC managed service to collect and analyze your third-party risk data and deliver your action plan, including recommended workflows and key risk metrics. With this critical information in place, you can leverage TiGRIS as the foundation of your Third-Party Risk Management program. TiGRIS centralizes all of your risk, compliance and IT security data into a single system of record to provide a true enterprise view of your risk status.

To learn more about our Third-Party Risk Management Services contact us at info@talatek.com

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