Third Party Risk Management (TPRM) Services
What is Third Party Risk Management & Why is it Important?
What is Third Party Risk Management & Why is it Important?
Third-party entities that your organization work with can pose risks in a variety of ways. From the poor implementation of required security protocols to a lack of in-depth personnel vetting, there are many ways that security vulnerabilities with third-party vendors can translate to a security incident for your organization.
The risk that third-party vendors pose organizations is often not well understood. This leads to organizations exposing themselves to unnecessary risk that is otherwise avoidable. Understanding the scope of security and cyber risks you face from third-party providers can help you make calculated organizational and operational decisions that are fully informed. Creating a third-party risk management policy should be a necessary component of your cybersecurity strategy and fully backed by senior management.
When it comes to third party risk management, you need an experienced partner to help you manage critical information systems and data that your partners and vendors are involved with. With an experienced third party risk management partner, you’ll effectively create an always-on, 24/7 buffer between your at risk third party data and would-be hackers and cyber criminals.
Finding the right cybersecurity partner is critical to effective implementation of third party risk management services, and enables organizations to ensure a robust cyber defense and proactive response in the event of a breach. Your third-party data will be protected by RSI Security’s team of experts, analysts, and technology tools to reduce the risk of attacks and ensure regulatory compliance at all times.
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TPRM Challenges to Address
Third-party risk management presents unique challenges that must be addressed to maintain a secure infrastructure. Challenges that your organization may need to address can include:
- Compliance complications – Dealing with third parties can add a layer of complexity to remaining in compliance with regulatory requirements. They may need to install or migrate controls to fulfill your requirements, as is the case with HIPAA.
- Difficult to automate – It may not be possible to automate the monitoring of third parties, resulting in more time spent on manual monitoring tasks.
- Less consistent security awareness – When working with third parties, they'll also need to be fully aware of your organization's security policies and procedures, which can take additional resources and effort.
- More complex networks – Having an infrastructure that is connected with third-party networks could also mean being connected to any other parties they work with, presenting unique security management challenges.
- Scaling challenges – If third-party integrations are not accounted for from the beginning, it may become more challenging to scale as needed in the future.
How Does It Work?
RSI Security’s Third Party Risk Managed Service includes the following steps:
- Help customers assess current third parties and identify high-risk partners.
- Onboard each third party into the Risk Portal.
- Send a survey/questionnaire to third parties, if required.
- Conduct an initial assessment of each third party.
- Review findings with the customers with recommendations on remediating their third-party risks.
- Perform a monthly assessment of each third party and provide monthly updates to the customer.
The Benefits of Third-Party Risk Management
Proper third-party risk management not only helps address the challenges inherent to dealing with third parties. It can provide several benefits to your organization, including:
- Better performance
- Fewer security incidents
- Improved customer relations
- More efficient incident response and recovery
- More robust IT security
- Smoother operations throughout the organization
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Why Choose RSI Security for TPRM Services
When it comes to third party risk management services, RSI Security brings years of experience and expertise across multiple industries. We’ve conducted third party risk management in financial services, retail, and the public sector (just to name a few).
RSI Security recognizes that successful Third-Party Vendor Risk Management is achieved with a proactive, collaborative approach. Organizations that choose RSI Security’s third party risk management services can expect a personalized, tailored game plan that can effectively function in tandem with all of your third-party vendors and partners.
3 Things that Make Your Organization Vulnerable to Cyber Crimes
WHAT WE OFFER
Our Third Party Risk Management Services
RSI Security will help you conduct a third-party risk assessment to determine how vulnerable your partner data is.
Our Managed Vendor Risk Management Services centers around working with your vendors to reduce risk on a consistent basis.
Our third party cyber risk management services provides the resources to protect partner data on an ongoing basis.
Working with RSI Security will help ensure that all third-party and partner data is stored and handled in compliance with relevant regulations.
RSI Security will create a custom intake form and workflow that enables a seamless process for key stakeholders to submit secure and accurate vendor review.
RSI Security’s third-party risk management technology provides an open API to integrate the key elements of your cybersecurity tech stack.
Stay totally informed about the security risks that take place within your vendor ecosystem and lifecycle with our services and technologies.
All of your vendor-facing and internal communications will be white-label branded with your logo, as will all forms, questionnaires and workflows.
How We Support Third-Party Risk Management
RSI Security’s TPRM services support your organization's third-party risk management program with years of expertise applied in several industries. We understand that successful third-party risk management requires collaboration between your organization and any third parties you work with.
RSI Security's TPRM services provide:
- A fully-customized management strategy
- API integration
- Thorough vendor assessment
- Managed security, including ongoing risk management
- Regulatory compliance support
- A smooth onboarding process and reliable vendor visibility
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Frequently Asked Questions
Third party risk management means ensuring that all data handled by third-party vendors and partners (cloud service providers and payment processors, for instance) is secured and protected in such a way that minimizes the risk of a cyber breach.