Third party risk management

Our TPRM program design and development services help you optimize and align third party risk management to your internal processes, enabling your teams to properly develop and execute risk management activities at scale. In addition, we enable effective monitoring, proactive risk reduction, and vendor onboarding cycle time reduction for your employees and business partners. We’ll help you:

• Identify key internal stakeholders
• Complete a full inventory of third-party contractors.
• Define, categorize, and classify vendor security requirements.
• Risk-rank third parties to determine depth and frequency of scrutiny.
• Develop automation strategy to support third party security reviews at scale.
• Measure, monitor, respond, and manage the program
• Report TPRM results to all key stakeholders including executive management.

What TPRM advisory services does Coalfire offer?

• TPRM program design assessments: Unsure about the effectiveness or efficiency of your TPRM program? Do you need to incorporate a risk-based approach? Are you struggling to keep up with vendor risk assessments? Trust us to provide a comprehensive analysis of your current program and to develop a plan and roadmap to improve TPRM processes at scale.
• TPRM program implementation: Are you seeking incremental TPRM expertise and capacity? Do you need to roll out a new program? Are you considering automating these processes? We can help implement key elements of your program or help you improve it over time.
• Vendor Risk Assessment (VRA) Support: Do you have a solid process but struggle to keep up with the volume? Do you need to quickly scale up your processes due to a key organizational change? We can provide immediate tactical support to maintain and run your program.  However, don’t be surprised if we start to suggest areas for improvement (see Design services above).

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.

 

Focus on long-term risk reduction

• Coalfire captures and analyzes your current TPRM lifecycle from intake to completion so that you understand your challenges, roadblocks, duplicate efforts, and gaps.  ​
• Process improvement ensures that processes are risk rationalized, streamlined, and reduces duplicate or unnecessary effort at your organization. ​
• Innovative approaches to identify and manage risk by professionals with experience across a wide variety of clients and industries.  

Addressing both resource and skill-set gaps

• Increased visibility by TPRM risk management professionals to identify risks and provide guidance on risk mitigation strategies. ​
• Oversight and reporting on TPRM process workflow and increased visibility to risks. ​
• Coalfire TPRM Maturity Model provides a view of the current state of process maturity supporting TPRM. ​

Reduce vendor clutter

• Focus on the vendor relationships that create the most significant risks to your organization and reducing focus where risk is not as prevalent. ​
• Identify reporting gaps regarding throughput, status, and significant risk changes in third party relationships. ​