Third Party Risk Management Services

Protect Your Business While Maintaining Operational Efficiency

Today’s reliance on outsourcing brings both cost savings and increased vulnerabilities. High-profile incidents like the Colonial Pipeline cyberattack highlight the need for strong Third Party Risk Management. At The Data Privacy Group, we help companies build effective TPRM frameworks to identify, mitigate, and monitor vendor risks, ensuring compliance and operational resilience.

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TDPG – 750×750 (third-party-risk-management)

Building an Effective Third Party Risk Management Programme

Why TPRM Matters for Your Business

Outsourcing can reduce costs and boost efficiency but also brings new risks. The Data Privacy Group’s Third Party Risk Management program helps you minimise these vulnerabilities by streamlining vendor onboarding, enforcing accountability, and maintaining compliance. We enable continuous monitoring of vendor performance and security, empowering your business to manage risks proactively.

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TDPG – Refreshed assets – 900 x 600 (600 x 900 px) (handshake-vendor)

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Our Proven 8-Step TPRM Implementation Approach

Steps to Building a Resilient TPRM Program

✔️ Build Your Inventory: Import existing third-party lists or conduct discovery assessments.

✔️ Classify Vendors: Prioritize relationships by categorizing vendors by risk level.

✔️ Select an Assessment Framework: Choose standards like ISO 27001 or NIST SP 800-53.

✔️ Develop Assessment Processes: Set validation levels, review protocols, and define risk reporting.

✔️ Establish Risk & Control Framework: Work with our experts to customise a risk methodology.

✔️ Automate Workflows: Streamline onboarding, assessment, and reporting with automation.

✔️ Build Reports & Dashboards: Track key metrics such as vendor risks and contract statuses.

✔️ Continuous Improvement: Refine your TPRM program to stay proactive against new threats.

Ensure Vendor Accountability and Mitigate Risk

Gain full control over your third-party risk management program. Schedule a consultation with The Data Privacy Group today and safeguard your business against third-party risks with our tailored solutions.

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Third Party Risk Management Services FAQs

Why is a Third Party Risk Management program necessary?

Third-party relationships introduce unique risks, including data breaches and compliance challenges. A TPRM program helps mitigate these risks, ensuring that vendors meet your security and regulatory standards.

How do you classify third-party vendors by risk level?

We classify vendors into risk tiers (high, medium, low) based on factors like access to sensitive data, regulatory requirements, and operational criticality, allowing you to prioritize oversight and manage resources effectively.

Can TPRM processes be automated?

Yes, automation is key to a successful TPRM program. We help automate workflows, including vendor onboarding, risk assessments, and compliance reporting, which reduces manual workload and enhances efficiency.

What assessment frameworks are available for TPRM?

We work with various industry-standard frameworks such as ISO 27001, NIST SP 800-53, and CSA CAIQ, ensuring your TPRM aligns with best practices and regulatory requirements.

Elevate Your Third Party Risk Management

In today’s interconnected business environment, a robust TPRM programme is essential to maintain operational resilience and meet regulatory requirements. The Data Privacy Group’s comprehensive services enable you to assess, monitor, and manage vendor risks with confidence. Partner with us to strengthen your risk management framework, streamline compliance, and secure your organisation against third-party vulnerabilities. Embrace proactive risk management and focus on what matters most – growing your business securely.

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