Third Party Risk Management
Third Party Risk Management (TPRM) involves systematically identifying, evaluating, and mitigating risks associated with external vendors, partners, or service providers. The goal is to manage and minimize potential risks these third parties may pose to the organization, including those related to security, compliance, and operational performance.
Key Features of Third Party Risk Management
Vendor Risk Assessment
Evaluates potential risks of third parties before establishing a relationship.
Continuous Monitoring
Regularly tracks third-party performance and compliance throughout the partnership.
Compliance Assurance
Ensures third parties meet regulatory and industry standards.
Risk Mitigation
Implements strategies and controls to manage and reduce identified risks.
Incident Management
Develops protocols for addressing and resolving issues involving third parties.
Documentation and Reporting
Maintains records of risk assessments, mitigation actions, and compliance status for audits and reviews.
Core Elements of Third Party Risk Management at AuthenticOne
Risk Identification
Detecting potential risks from third parties, including security, operational, and compliance risks.
Contractual Agreements
Defining risk management terms, compliance requirements, and performance expectations in contracts.
Risk Assessment
Evaluating the impact and likelihood of identified risks to prioritize responses.
Ongoing Monitoring
Continuously reviewing third-party performance and compliance to ensure risk management.
Due Diligence
Performing comprehensive checks on third parties before forming partnerships.
Risk Mitigation
Applying measures to manage and reduce identified risks.
Incident Response
Creating and executing plans to address and manage third-party issues or breaches.
Frequently Asked Questions
The goal is to identify, evaluate, and mitigate risks from external vendors and partners to safeguard the organization from potential security, compliance, and operational issues.
Contracts should outline terms for risk management, compliance obligations, performance standards, security measures, and incident response procedures to effectively manage risks.
If a risk is identified, it should be assessed for impact and likelihood. Appropriate mitigation strategies should be implemented, such as enhancing controls, updating contract terms, or renegotiating the relationship.
Third-party risks are assessed through background checks, risk evaluations, compliance reviews, and performance assessments to determine their potential impact and likelihood.
Third-party relationships should be reviewed regularly or as needed, depending on the risk level and nature of the partnership, to ensure ongoing compliance and performance.
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