VENDOR & PARTNER RISK
Securesult’s team of experienced professionals can help you to identify, assess, and mitigate your vendor and partner risks.
Our experienced consultants help you to identify, assess, and manage the risks posed by third-party vendors and partners. This important process can have a significant impact on your business, as suppliers and partners can pose a substantial risk to your organisation’s security, compliance, and reputation.
70% of organisations do not have complete transparency and oversight of their supply chain, and as a result, run the risk of damages such as the loss or theft of sensitive data, supply chain failures, damaged brand reputation, and loss of consumer goodwill. The consequences of these losses can lead to investor attrition, non-compliance across a broad range of regulations and indicators, and third-party fatigue due to repetitive processes.
Securesult is committed to helping clients manage their vendor and partner risk effectively by providing a comprehensive range of services and using a variety of methods tailored to individual needs. With a clear understanding of these risks, organisations can build trust, resilience, and improve relationships with clients, giving them a competitive advantage.
Reach out to our team of specialist consultants to find out how we can guide your organisation towards robust vendor and partner risk management controls.
Third Party Risk Management (TPRM) is the process of identifying, assessing, and mitigating the risks posed by third-party vendors and partners.
Securesult deliver risk services using a collaborative approach, working with you to understand your organisation’s specific needs, developing a risk management program that works for you. Our consultants also provide training and support to help your staff implement and maintain the finalised program, ensuring it remains effective when we hand the reins back over to you.
TPRM is critical for organisations of all sizes, helping to protect against a wide range of risks, including:
Data breaches: TPRM programs can help to identify and mitigate the risk of data breaches caused by third-party vendors and partners. This includes assessing the security posture of third parties, implementing security controls, and monitoring for threats.
Ransomware attacks: TPRM programs can help to reduce the risk of ransomware attacks by ensuring that third parties have adequate security controls in place. This includes implementing firewalls, intrusion detection systems, and data encryption.
Denial-of-service attacks: TPRM programs can help to mitigate the risk of denial-of-service attacks by ensuring that third parties have adequate network capacity and security controls in place.
Malware attacks: TPRM programs can help to reduce the risk of malware attacks by ensuring that third parties have implemented adequate security controls such as antivirus software, firewalls, and intrusion detection systems.
Supply chain attacks: TPRM programs can help to mitigate the risk of supply chain attacks by assessing the security posture of third parties, ensuring they have implemented security controls, and monitoring for threats.
Our third-party risk management solutions
Our collaborative, cloud-based service allows you to run your supplier risk operations with ease and confidence, helping organisations to manage the risks associated with their vendors and partners through a variety of service options.
The Managed Service option is a fully outsourced third-party risk management service, customised to your organisation’s needs.
Securesult consultants will work with you to understand your specific needs and requirements, develop a vendor risk management program, and manage the day-to-day operations of the program.
This option is ideal for organisations that do not have the in-house resources or expertise to manage vendor risk effectively. For the Managed Service option, Securesult consultants will work with you to develop a vendor risk management program that is tailored to your specific needs. This program will include a number of steps, such as:
- Identifying your vendors and partners
- Assessing the risks posed by your vendors and partners
- Developing mitigation strategies for the identified risks
- Monitoring your vendors and partners for changes in their risk profile
- Reporting on your vendor risk management program to senior management
Securesult consultants will also manage the day-to-day operations of the program, such as conducting vendor risk assessments, monitoring vendor risk, and reporting on the program.
The Self-Service option allows you to operate the 3rdRisk platform within your own organisation. Securesult will get you set up and provide training on how to use the platform.
This option is ideal for organisations that have the in-house resources and expertise to manage vendor risk but want to use a cloud-based platform to automate and streamline the process. The platform provides the means to manage your vendor risk management program independently.
The 3rdRisk platform provides a number of features to help you manage vendor risk, such as:
- Continuous transparency in your value chain – One integrated overview, available for risk, finance, and other departments.
- Manage risks and incidents swiftly and effectively – Safely share documents, leverage pre-populated questionnaires, and work on shared requirements on one, secure platform.
- Increased collaboration with third parties – Employees, suppliers and third parties add data to your shared network, increasing visibility.
The Advisory Support option provides you with access to certified 3rdRisk partners who can provide TPRM process expertise, training, frameworks and questionnaires, integration, and implementation services.
This option is ideal for organisations that need assistance with specific aspects of vendor risk management, such as developing a vendor risk management program, conducting vendor risk assessments, or integrating 3rdRisk with their existing systems.