Working with third-party providers can help your organization stay scalable in a digital and highly competitive
landscape. However, while third-parties offer opportunities, they, unfortunately, introduce additional risks that need to
be managed and addressed. Without formal procedures through an executed TPRM program, your organization could
be subjected to increased costs from a lack of a consistent risk management approach across all operating units and
from potential legal actions.
A TPRM program will help your organization identify areas where it can obtain additional value from its third-party
relationships. This will protect your organization from unnecessary risk exposure and minimize the impact of third party
risks, allowing your organization to focus on value-added tasks to elevate business performance.
Key challenges - Increased costs and duplication of functions due to lack of a coordinated and consistent TPRM approach
- Multiple third-party providers preventing scalability at a cost-effective basis
- Decentralization of third-party risks resulting in inadequate oversight of responsibility within the organization
- Lack of risk-based segmentation to determine the level of control required for each third-party
- Weak internal control environment from antiquated processes that are prone to human error and fraud exposure
- Inability to analyze real-time data for effective decision-making, preventing visibility on key performance metrics
| Benefits of TPRM- Drives cost reduction through reduced manual intervention by optimizing your TPRM processes
- Enables real-time analysis of third-party key performance indicators to support contract negotiations leading to potential cost reductions
- Ensures that reputation and confidentiality, integrity and availability of your products and services are not damaged
- Promotes a centralized governance structure and escalation framework leading to the coherent and synergized application of risk management standards
- Provides access to risk management expertise to advise on third-party risk remediation planning and execution
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How we can help
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| TPRM current state assessment
Identify, measure, and manage third-party risks against industry standards and gain a holistic understanding of your third-party landscape. TPRM optimization
Optimize your TPRM lifecycle management to become more technology-driven by removing antiquated processes, resulting in increased data analysis, reduced manual intervention, and cost efficiencies through the consolidation of third-party vendors. TPRM managed services
Outsource the management of your TPRM program and proactively address third-party risks, allowing your internal resources to focus on tasks that accelerate business performance. |
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