Third-party relationships bring immeasurable benefits to an organization, but they can also pose numerous risks if controls are not put in place to help manage that risk.
Before onboarding any third-party vendor, organizations need to know what risk that relationship may bring, and which part of the business will be most affected.
A mature third-party risk management (TPRM) program is an essential way to evaluate if a vendor is “safe” to introduce to the organization’s business practices and to oversee the evolving relationship and any risks that may arise in the future. A mature TPRM program can drive significant returns on investment when organizations can onboard vendors quickly and efficiently, while understanding the risk they pose to the organization and whether that risk is worth the reward.
NewRocket plans, deploys and manages successful third-party risk management (TPRM) programs, to provide greater visibility into the organization’s risk posture. Our team of management consultants, developers and subject matter experts have extensive experience implementing and advising on large scale TPRM programs.
In maturing your TPRM program, you will gain:
Visibility into which vendors pose the highest risks to your organization, enabling better risk-based decisions to monitor, mitigate and remediate risks.
Scalability by reducing the complexity of the assessment process and centralizing information.
Confidence to deliver timely and accurate reports with reliable metrics.