Third-party risk management

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All businesses rely on third-party service providers, and third-party risk management (TPRM) has never been more important than it is today. In fact, regulated industries like financial services and healthcare have long been required to test and report on the effectiveness of their vendor risk management programs.

In-house security teams need to be able to create information security standards for suppliers, identify and classify vendors according to risk, and update contracts to ensure cyber issues are properly addressed.

What is third-party risk management?

Our TPRM program design and development service helps you define the foundational concepts for starting a TPRM program from scratch. We’ll help you:

  • Build a core team.
  • Complete a full inventory of third-party contractors.
  • Collect and standardize contracts.
  • Define vendor security requirements.
  • Select and implement TPRM software.
  • Implement, measure and report TPRM results to executive management.

Through our TPRM services, we can also assist you with customizing a vendor security questionnaire, analyzing and scoring responses, and working with your vendors on remediation activities. In addition, our assessors can perform on-site audits for third parties that require the extra level of assurance provided by inspection.

We bring efficiencies and cost savings to the vendor risk management lifecycle

  • TPRM maturity assessments; Unsure about the effectiveness of your TPRM program? Trust us to provide a quick analysis of your program and a peer-to-peer comparison.
  • TPRM advisory: Are you seeking incremental TPRM expertise and capacity? Do you need to update and expand your program to meet new requirements? Are you getting started with a vendor relationship management (VRM) program? We can help design and implement key elements of your program or help you build it from the ground up.

Why choose Coalfire for third party risk advisory?

  • Since our founding in 2001, Coalfire has established itself as a pure-play, vendor-neutral cybersecurity advisory firm serving as a trusted advisor to executives, legal counsel, compliance managers and security practitioners across numerous industries.
  • ​We are skilled communicators who present our findings in business terms for truly actionable insights.
  • Every project is led by a credentialed, industry-savvy senior director and supported by consultants armed with the methodologies, proven proprietary frameworks, insights and know-how.
  • We help you simplify your compliance processes by getting to know your business, helping you understand the regulations, and leveraging efforts across different frameworks.

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