Third Party Risk Assessment
What is Third Party Risk Assessment ?
Identifying, evaluating and reducing third-party risks.
- 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.
- 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.
- You may not have the internal resources to hire and keep a full-time dedicated DPO who fits GDPR’s requirements, as this position demands an experienced professional with a broad variety of competence.
- DPO as a Service would be an alternative cost-effective solution for you.
Balancing third party risks, catering to compliance needs, and keeping abreast with the changes in the technology atmosphere.
- 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.
- 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?
Tsaaro understands the dependency of the smooth running of a business on engaging with third parties, and also the undeniable risk of exploitation and misuse of operational, confidential data that comes with such engagement.
Our commitment to the cybersecurity domain coupled with seasoned experts will provide you with the recognition, analysation, and assessment of risks and finally enable you to gauge the efficacy of the risk assessment threshold regarding the quality and reliability of your data.
Our Approach
Balancing third party risks, catering to compliance needs, and keeping abreast with the changes in the technology atmosphere.
- 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.
What is Third Party Risk Assessment ?
Identifying, evaluating and reducing third-party risks
- 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.
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?
Tsaaro understands the dependency of the smooth running of a business on engaging with third parties, and also the undeniable risk of exploitation and misuse of operational, confidential data that comes with such engagement.
Our commitment to the cybersecurity domain coupled with seasoned experts will provide you with the recognition, analysation, and assessment of risks and finally enable you to gauge the efficacy of the risk assessment threshold regarding the quality and reliability of your data.
