Third party risk management

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In a cloud and SaaS-enabled world, organizations in every industry are increasing their reliance on third parties for key business process outsourcing. As a result, third party risk management (TPRM) has never been more important than it is today. The escalation in number of breaches and other cyber attacks as well as regulatory compliance obligations means organizations must do more to effectively manage third party risk. ​

The reality is that third party risk requires an immense amount of time and attention to properly manage an effective program. Most companies have limited time and resources to address the issues posed by vendors (third parties) and the overall supply chain. In-house security teams must be able to define information security requirements for suppliers, document and classify vendors according to risk, assess security posture of third parties, develop contractual updates to align responsibilities, and monitor vendor security implementation to ensure that risk issues are properly addressed.


Building blocks for a TPRM program

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.

 

Third party risk management


We help make your vendor risk management workstream more robust

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. ​

Why choose Coalfire for third party risk advisory?

  • Reduce cycle time related to TPRM at your organization by up to 40%​
  • Team has professional experience working with, and consulting on, significantly sized TPRM programs. (10+ internal resources assigned to TPRM) ​
  • 40+ team members committed to helping you manage third party risk supported by a deep portfolio of Coalfire subject matter experts. ​
  • A 20-year track record of compliance, cybersecurity, and risk management​

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