Third Party Risk Assessment
What is Third Party Risk Assessment ?
Third-Party Risk Management (TPRM) is the process of recognising, evaluating, and mitigating all of the many risks that can arise throughout the lifespan of your partnerships with third parties.
TPRM is frequently initiated throughout the procurement phase and should continue until the offboarding process is completed. This is also known as Vendor risk management and helps in the analysis of new and continuing vendor relationships.
This involves the assessment of the products and services of the third party to check if they are in accordance with the risk appetite of your organisation.
Non-compliance
The U.S. Department of Health and Human Services (HHS) may impose civil money penalties up to $100 per failure. The upper limit for penalty per year is $25,000. If anyone discloses or obtains information with malicious intention, it may attract criminal penalty of $50,000 and up to one-year imprisonment.
Our Approach
We adopt a very nuanced approach that consists of recognizing the risks in the organisation’s third party relationships, followed by the organization of vendors on the basis of their access, evaluation of SLAs, balancing compliance necessities, meeting the expected standards, keeping an eye on the changing landscape of the third party, your organisation as well as the industry and auditing of the third-party vendors by conducting on-site visits.
Advantages
- Highlights the specific risk-prone areas that require thorough monitoring.
- Mandates the third party to take extra efforts in the adoption of additional controls for risk mitigation.
- Conducts it on a yearly basis to make sure the risks do not go beyond the risk appetite of your organisation
- Helps avoid costly and unanticipated surprises by identifying the risks beforehand.
- Protects the reputation of your organisation.
- Prevents illegal use of data by third parties and economic burdens.
Third Party Risk Assessment
What is Third Party Risk Assessment?
Third-Party Risk Management (TPRM) is the process of recognising, evaluating, and mitigating all of the many risks that can arise throughout the lifespan of your partnerships with third parties.
TPRM is frequently initiated throughout the procurement phase and should continue until the offboarding process is completed. This is also known as Vendor risk management and helps in the analysis of new and continuing vendor relationships.
This involves the assessment of the products and services of the third party to check if they are in accordance with the risk appetite of your organisation.
Non-compliance
The U.S. Department of Health and Human Services (HHS) may impose civil money penalties up to $100 per failure. The upper limit for penalty per year is $25,000. If anyone discloses or obtains information with malicious intention, it may attract criminal penalty of $50,000 and up to one-year imprisonment.
Our Approch
We adopt a very nuanced approach that consists of recognizing the risks in the organisation’s third party relationships, followed by the organization of vendors on the basis of their access, evaluation of SLAs, balancing compliance necessities, meeting the expected standards, keeping an eye on the changing landscape of the third party, your organisation as well as the industry and auditing of the third-party vendors by conducting on-site visits.
Why Us?
Our skilled and experienced team of experts provides you with the exact details and pinpointed approach to solve your organisation’s cybersecurity issues; we are flexible in our approach which helps us adapt better to the needs of your organisation.
At Tsaaro, we equip you with all that you need to know about your cybersecurity infrastructure, inform you about the areas that require correction, which can be corrected, and implement them for you.
We also help you identify the threats you possibly cannot fight for the very nature of those, in the face of ever-evolving technology and help mitigate & minimise damage. Tsaaro reviews the existing documentation that deals with cybersecurity, meet the people in charge of its implementation, checks their practical application by your organisation. Takes control of the six key cybersecurity areas by determining their potency against risks.
At the end of this exercise, we present you with a comprehensive report to read and acknowledge the posed cybersecurity threats and a detailed review of the steps mentioned above
Advantages
- Highlights the specific risk-prone areas that require thorough monitoring.
- Mandates the third party to take extra efforts in the adoption of additional controls for risk mitigation.
- Conducts it on a yearly basis to make sure the risks do not go beyond the risk appetite of your organisation
- Helps avoid costly and unanticipated surprises by identifying the risks beforehand.
- Protects the reputation of your organisation.
- Prevents illegal use of data by third parties and economic burdens.
Why Us?
Our skilled and experienced team of experts provides you with the exact details and pinpointed approach to solve your organisation’s cybersecurity issues; we are flexible in our approach which helps us adapt better to the needs of your organisation.
At Tsaaro, we equip you with all that you need to know about your cybersecurity infrastructure, inform you about the areas that require correction, which can be corrected, and implement them for you.
We also help you identify the threats you possibly cannot fight for the very nature of those, in the face of ever-evolving technology and help mitigate & minimise damage. Tsaaro reviews the existing documentation that deals with cybersecurity, meet the people in charge of its implementation, checks their practical application by your organisation. Takes control of the six key cybersecurity areas by determining their potency against risks.
At the end of this exercise, we present you with a comprehensive report to read and acknowledge the posed cybersecurity threats and a detailed review of the steps mentioned above
