Third-Party Risk Management

Yes, as a user, I don’t have vendors, access to systems, or data. I don’t have plans in place to manage vendors, and I don’t have risk exposure to mitigate. I don’t process personal data unless explicitly provided for the purpose of the conversation, and I am designed to respect user privacy and confidentiality. If you have any concerns about privacy or data security, please let me know, and I will do my best to address them.

Reasons Your Business Should Prioritize Third-Party Risk Management

Third-Party Risk Management (TPRM) commences with the measures your company takes to minimize the risk associated with engaging vendors who handle and process your organization’s data. Third-party vendors play crucial roles in various business functions, such as billing, payroll, or CRM platforms. Despite their importance, these vendors introduce significant uncertainties when it comes to determining your organization’s risk profile.

It is imperative to comprehend how these vendors secure and protect both your data and their own operations. Managing the risk posed by third-party vendors is a non-negotiable aspect of your annual compliance audits. While TPRM may be mandated by regulations in your industry, viewing it merely as a compliance checkbox misses the broader potential. The insights gained from a Third-Party Vendor Assessment (TPVA) are pivotal in ensuring the security of your business information, even when shared with vendors.

Third-Party Risk Management Services Overview

Visibility

Gain insight into the inherent risk associated with each third and fourth-party vendor in your network.

Improve how you do business

Establish operational workflows, communication protocols, and optimal practices to enhance the effectiveness of managing vendor relationships within your business.

Lower your risk

Ensure compliance adherence to meet regulatory requirements, mitigating the risk of penalties, and concurrently enhancing the protection and confidentiality of your customer’s data.

TPRM Features

Assessment Types

We possess expertise in conducting a range of assessment types tailored to your specific requirements. Whether you necessitate onsite assessments for your most critical vendors, desk-based assessments, or evaluations for offshore entities, we have comprehensive solutions to meet your needs.

Compliance Superheroes

Assessment frameworks vary in quality, and a significant challenge arises when auditors have their own expectations and requirements regarding these frameworks. At Owl Neck, we bring substantial experience to the table. We excel in customizing our questionnaires to align with your audit specifications, guaranteeing comprehensive identification of risks, even those potentially overlooked by existing assessment frameworks.

Fourth-Party Risk Management

Effectively managing fourth-party risk is a crucial component of your overall risk management program strategy. This is particularly significant because there’s a possibility that your current vendors have their own vendors that require evaluation. In instances where integrations and relationships are of utmost importance, Owl Neck offers additional assessments for your vendor’s vendors, providing insights into potential impacts on your business risk. These assessments are especially relevant when your existing vendors outsource a part or the entirety of your integration to another vendor.