Third Party Risk Management

Analyze and control third party risks. Avoid damages. Strengthen relationships.

Minimize your organization’s exposure to risks, manage third party relationships at scale.

Organizations are relying more on third party vendors to ensure faster production outcomes, meet tight delivery timelines, and lower costs. However, while expanding their operational ecosystem through third party suppliers to augment their products and services, they get exposed to unforeseen risks.

Risk and compliance objectives are no longer limited to traditional organizational boundaries, rather organizations now responsible for the actions of their third-parties. Third party risk management is the process of analysing, controlling, and monitoring the risks presented to an organization by a third party vendor.

Key Drivers

Businesses can expose themselves to increased threats due to lack of dedicated third party risk management initiatives. These risks can be complex since it involves various stakeholders from different business functions accessing multiple systems and processes. Some of key drivers of third party risk management include:

Extended Enterprise

The notion of the extended enterprise is becoming more important as firms have become more specialized and interconnected. This is due to globalized trade, standardized processes, and ubiquitous information. There are more dependencies due to this supply web and organizations can impose different types of risks on each other.

Regulatory Focus

Developments in regulations such as GDPR, HIPAA, ‘Outsourcing Requirements’ from British FCA and ABAC has led to third party risk management compliance standards in non-financial sectors.

What We Deliver ?

It’s an important practice that gives organizations visibility into real-world threats to your security. As part of a routine security check, penetration tests allow you to find the gaps in your security before a hacker does by exploiting vulnerabilities and providing steps for remediation.