What is Third Party Risk Management?
Third party risk management is the process of identifying, assessing, and mitigating risks associated with third-party vendors and service providers. It is also commonly called vendor risk management, vendor vetting, and supply chain security. It involves evaluating the vendors’ cybersecurity, compliance, and overall security posture as it impacts your connected environments and shared data to assess the risk each vendor poses to your organization.
Why Vendor Risk Management is Essential
Outsourcing and relying on third-party vendors have become integral to today’s business operations. Vendors may store your data or integrate with your digital infrastructure which causes significant risks of data breaches and regulatory violations. But you’re not only connected to your vendor and their risk, but also every vendor to which their environment is connected—fourth and fifth-part data breaches happen all the time! Creating minimum required cybersecurity and breach notification policies for all vendors and vetting vendors is crucial to ensure your security and uninterrupted operations. If you don’t have the time or experienced staff to handle this in-house, our team of expert consultants can remove this burden and reduce your risk.
Our Third Party Risk Management Services
We offer a suite of third party risk management consulting services tailored to meet your specific needs:
- TPRM Program Development: We will review your current processes to identify and fix gaps or help you develop and implement robust third party risk management policies and procedures that align with today’s best risk reduction strategies.
- Vendor Vetting: We can assist in vetting new and existing vendors to ensure they meet your company’s risk management criteria.
- TPRM Management Platform Optimization: We partner with Venminder’s TPRM solution to help your organization establish an optimized program with centralized tracking and streamlined processes for evaluating, onboarding, and ongoing oversight of vendors. If we help develop your TPRM program, we can design your policies and procedures in a manner that ensures your organization effectively leverages the Venminder platform to meet your unique needs while maximizing risk reduction.
- Client-facing Due Diligence Materials: LMG will work with your team to design and develop a due diligence document describing security controls and processes in place for your organization and application. The document will be intended for sharing with your clients who are looking for assurances of sound security controls and processes.
- Risk Reduction Attestation: Many existing and prospective clients may require you to provide evidence of technical testing or share the results to win or retain their business. If we perform your technical testing, we can provide you with a third-party attestation letter summarizing your technical testing results.
- Continuous Monitoring: Vendor risks are dynamic and can change over time. We partner with Venminder for their Venmonitor service to keep track of your vendors’ compliance and risk levels.
- Training and Awareness: Educating your team on TPRM best practices is crucial. We provide training sessions to ensure your staff understands the importance of vendor risk management and how to apply it effectively.
For more advice, read our blog “9 Tips to Streamline Your Vendor Risk Management Program.”
Why Choose LMG Security?
- Expertise: Our consultants have extensive experience in third party risk management across various industries.
- Tailored Solutions: We customize our services to meet your unique needs and business goals.
- Proactive Approach: We emphasize continuous improvement and proactive risk management to stay ahead of potential threats.
- Comprehensive Support: From initial assessment to ongoing monitoring, we provide end-to-end support for your third party risk management program.
Get Started Today
Contact us today to schedule a consultation and learn how we can help you build a resilient and secure third party risk management program.
