Third Party Risk Management (TPRM)

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

WHAT IS THIRD PARTY RISK MANAGEMENT?

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 the third parties 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 that your organisation’s risks related to third parties are fully understood and well managed.

Potential third party 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 TPRM CHALLENGE

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

The pressure to manage third party risks is escalating both from within the company and 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 for the process and reporting

THE TPRM SOLUTION

Many of these third party risk management challenges can be overcome through the use of the Phinity TPRM solution.

There are five steps to follow when automating your third party risk management process.

TPRM-Datasheet-Phinity_graph_1-1_1

IDENTIFY

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

DIGITISE

Upload your data onto the Phinity platform. Then, 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, before automating workflows, follow-ups, and tracking to streamline the risk assessment process.

REPORT

Track the progress of all your assessments in real-time. Then view the inherent and residual risk ratings of your third parties, or extract detailed reports on individual third parties as needed. You can customise the reporting to meet your needs.

RESPOND

Assign and track the risk items identified during your third party risk assessment through to remediation. Lastly, 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. This leaves your organisation's resources to concentrate on other tasks.

CLEAR ROLE
ALLOCATION

MANAGED TPRM
RISK

TPRM RESOURCE
EFFICIENCY

AUTOMATED
WORKFLOWS AND
REPORTING

INCREASED
COMPLIANCE

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