Third Party Risk Management

Organisations wanting to make real improvements must gain operational command of the security posture and risk of their third parties.

Comprehensive Third Party Risk Management requires regular assessment of your vendor population to ensure that it is being properly managed and that vendor maturity is improving over time. 

Organisations are dependent on external vendors to provide services that in turn support their business, however a reliance on vendors is risky, particularly when protecting information across diverse business operations. 

Our team provides expert industry advice to help you manage your security reputation and accelerate your third-party risk management programme.

Talk To Our Cyber Risk & Assurance Team

Get in touch to arrange a call with one of our Cyber Risk & Assurance team to discuss how you can enhance your third party risk management. 

What's involved?

  • Increase understanding of business risk and identification of risk mitigating factors
  • Identification of a list of third parties across business functions
  • Classification of the Third Parties based on their risk profile
  • Identification of risk to which your organisation is exposed based on the service(s) provided by the third party
  • Utilisation of common industry methodology to identify the compliance requirements and assess current level of compliance

Challenges addressed by Third Party Risk Management

  • No common guidelines for managing third party risk
  • Risk of reputational damage should an event occur at your third-party
  • Incomplete population of vendors with sensitive data
  • Increased focus on securing customer personally identifiable information (PII)
  • Inconsistent risk assessment and review practices across organisation
  • Third-party failure to comply with a required regulation
  • Various compliance requirements not being monitored effectively
  • Third-party failure to maintain continuation of business as usual (BAU) for your organisation
  • Risk of doing business in a specific country including legal/regulatory, geo-political and social-economic considerations
  • Risk of financial loss due to third-party failure or non-performance
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The CRA team has continuously improved the third party security assessment service and is actively helping me in maintaining this service. 

Information Security Manager Financial Services client

Our Qualifications

GCIA
GCIH
GSEC
GWAPT
GCCC
CRISK
CISM
CCSP
CCSM
ITIL
CEh
CCIE
RedHat
CTS
SENTRY
DEFENDER