Every company relies on partners and suppliers to deliver products and services to their customers or support their daily business operations, with these third parties often receiving and handling sensitive information. With an ever-increasing number of cyber-attacks originating from third parties, and growing data privacy concerns driving increased regulatory activity, ensuring that these suppliers manage your information securely is an important moving target to hit.
It can be enormously time-consuming to manually survey each third party; determine their risk level; prioritize the highest-risk vendors; manage them to minimize those potential risks; and provide audit reports to your internal and external stakeholders and auditors. With every manual process comes the possibility for errors, and these errors can lead to risk.
The critical question you as an organization have to answer is this:
How can we ensure that our third parties do not create an unacceptable potential for business disruption without wasting time and resources on inefficient and manual efforts to collect, maintain and analyze vendor risk information?
You need a third-party risk management solution, but where do you begin?
It begins with making basic program decisions, such as:
- What factors will you consider in making vendor tiering decisions? Type of content? Criticality to the business? Location? Reliance on th parties?
- What questionnaire will be used to gather information on your partners’ internal controls? An industry-standard or proprietary survey?
- What collection method will be used? Will you manage the collection yourself? Will you take advantage of using pre-completed questionnaires? Will you outsource collection to a partner? Some combinations of each method?
Feeling overwhelmed yet?
Our TPRM RFP template will get you started on the right path
Prevalent has created an RFP template kit to help you get started in your vendor evaluation with a fair and balanced third-party risk management solution comparison. The RFP template is a Microsoft Word document that covers:
- Project scope, goals and outcomes
- KPIs and project timelines
- Solution requirements and use cases
- Detailed vendor response criteria
Also in the kit is a detailed Microsoft Excel spreadsheet that facilitates a side-by-side comparison of third-party risk management vendors and automatically scores the results.
This kit will help you compare the most important capabilities delivered by third-party risk management vendors so you can make the most well-informed decision on a partner to help you build your program to your unique specifications.
Download the kit today and begin your evaluation!