Third Party Risk Management Services

Third Party Risk Management (TPRM) Services

Enterprises and businesses need to know and be sure that their information is secure with their vendors. Our team designs and executes TPRM and vendor risk management programs to help organizations understand and mitigate third-party risk.

Clients who work with us have the confidence that their vendors and other third parties are handling information security to their own standards. The task of managing the risk of your third-party relationships is your responsibility, so to shield your business from issues associated with profitability, regulation, reputation and even litigation, it’s vital to establish processes that will allow you to oversee and informed about these issues. Regulators globally have increased their requirement on how organizations protect themselves against third party issues and risk, so this area is now more significant part of your overall risk management plan. Third Party Risk Management is not simple.

More and more companies are coming to realize their risk from suppliers and other third parties. But many are daunted by the costs and complexities involved. CyberGen brings a wealth of experience with TPRM to the table.

How to improve your third-party risk management model?

Catalogue all third parties providing services in any capacity

Get a complete inventory of third parties (individuals and businesses) providing any type of services to your organization. Establish a process that lets you improve your ability to know all the third parties you depend on. This will help you recognize not just who you’re paying, but everyone else you’re dealing with.

Monitor your third-party contracts

Develop a process that can keep you up-to-date on the transactions of your third-party relationships. This will give you real-time updates on your vendors and partners through a variety of methods, including data scans, social media scans and news articles.

Establish a Reporting structure

Keep yourself abreast on how well your third-party vendors are performing. Have mechanisms and reviews in place to conform the performance of your vendors. By create a reporting structure, you’ll be able to address gaps and get more assurance that your company isn’t at risk from under-performing third-parties.

How CyberGen can assist you with your Third-Party Risk Management (TPRM)

Managing third-party risk efficiently and effectively with limited staff, budget constraints and an enormous vendor ecosystem is a top concern for businesses. CyberGen’s comprehensive suite of offerings, along with our capability to manage your third-party risk program can help achieve, assess and mitigate your risk. You can choose from our Managed Services and Program Development Services, that include:

Initial Risk Assessments

We review of the overall risk rating of each third-party will be performed by reviewing the engagement scope with the internal relationship manager to get a clear understanding of their service offering and the important risk factors associated. This initial exercise will assist in determining the depth of the assessment necessary to commensurate to the risks involved. Risk rating criteria includes but is not limited to: data classification, number of users, data hosting model, number of records, privacy considerations, regulatory requirements, access to internal network, etc.

Contract Reviews

A review of the proposed or existing contract (for pre-established third-parties) will be performed to ensure the necessary legal coverage has been captured. Contract review criteria includes but is not limited to: right to audit, termination, privacy, data breach notification, information security, indemnification, records retention, etc.

Defense-In-Depth Interview

Complete third-party questionnaire and supporting evidence review will yield additional follow-up questions best handled by a ‘defense-in-depth’ interview with the third-party’s technology SMEs. This approach will assist your security backbone by peeling through their layers of security to best understand how the third-party will truly protect a customer’s confidential information. The interview will be used to address unexplained gaps in the questionnaire and concerns regarding potential findings.

Questionnaire

Designing and assigning dynamic risk assessment questionnaire to each vendor that will focus on key domains to understand the vendor’s security posture. Questionnaire domains include but are not limited to: policy governance, user administration, data center hosting, audit logging/monitoring, change management, incident response, business continuity, third-party management, etc.

Evidence Gathering

Third-party documentation review will be conducted to verify key business processes have been established and that supporting controls have been well designed and are operating effectively. Evidence requests include but are not limited to: SSAE 18 (SOC) Type II reports, governance policies, standard operating procedures, vulnerability scans, penetration tests, network/dataflow diagrams, subservice audit reports, etc.

Reporting & Communication

The reporting process will include the formally documenting report the 1) scope of the service offering and third-party background, 2) executive summary of the overall opinion and risk rating, and 3) summary of findings, remediation recommendations and timeline. A final internal report will be communicated to key stakeholders and the business and IT risk management teams will have the information necessary to determine next steps.

CyberGen focuses to help improve the sustainability, effectiveness, efficiency, and transparency of your GRC processes, align the processes with the organization’s strategic goals and objectives and drive both competitive advantage and shareholder value.

CyberGen’s expertise in GRC space help businesses