Third Party Risk Management (TPRM)

Monitor, evaluate and report on all your vendors and their potential risk to your organisation

WHAT IS TPRM?

Third Party Risk Management (TPRM) is a process that involves identifying, assessing and mitigating the various risks that emerge over the entire lifecycle of your relationships with third parties. TPRM requires visibility of all third parties that an organisation engages with to support their customers and operational processes.

The TPRM process often starts during procurement and should continue until the offboarding process is complete.

The purpose of TPRM is to ensure your organisation’s risks related to third parties are fully understood and well managed. These potential risks are numerous and can fall under these categories:

reputationalrisk_1

Reputational Risks

strategicrisk_1

Strategic Risks

operationalrisks_1

Operational Risks

Asset 1@2x

Economical Risks

Asset 2

Legislative/
Regulatory Risks

THE CHALLENGE

Your business is increasingly reliant on third parties to run core services and business operations, this exposes you to risks outside your direct control, which need to be understood and managed.

The pressure to manage these risks is escalating both from within the company but also from external regulators

Key TPRM challenges include:

  • Extensive and changing compliance requirements
  • Lack of TPRM resources
  • Various diverse processes to evaluate
  • Lack of clear accountability
  • Immature processes and coomunication channels
  • High volume of third parties
  • Lack of automation of the process and reporting

THE TPRM SOLUTION

Many of these challenges can be overcome through the use of Phinity TPRM. There are five steps to follow when automating your TPRM process.

TPRM-Datasheet-Phinity_graph_1-1_1

IDENTIFY

Before leveraging automation to mature your TPRM process, identify and collect all relevant data needed, including policies, relevant third parties, stakeholders, existing risk assessment, etc

DIGITISE

Upload your data onto the Phinity platform. Leverage Phinity’s pre-defined questionnaires and risk scoring or embed your current questionnaires and process.

ASSESS

Perform inherent risk profiling of your selected third parties. Automate workflows, follow-ups, and tracking to streamline the risk assessment process.

REPORT

Track the progress of all your assessment in real-time. View the inherent and residual risk ratings of your third parties or extract detailed reports on individual third parties as needed. Customise the reporting to meet your needs.

RESPOND

Assign and track the risk items identified during your third party risk assessment through to remediation. Report on the progress of your remediation efforts.

WHY CHOOSE PHINITY?

You can easily identify high-risk third-party vendors and implement risk mitigation plans in real time, leaving your organisation's resources to concentrate on other tasks.

CLEAR ROLE
ALLOCATION

MANAGED
RISK

TPRM RESOURCE
EFFICIENCY

AUTOMATED
WORKFLOWS AND
REPORTING

INCREASED
COMPLIANCE

IDENTIFY THIRD PARTY RISKS EFFECTIVELY AND EFFICIENTLY WITH PHINITY THIRD PARTY RISK MANAGEMENT