In consulting sessions with Prevalent customers, we often start with a high-level evaluation of the three "abilities" that define an effective third-party risk management program: repeatability, sustainability and scalability. Each represents unique attributes that your team should possess as they establish the processes and procedures to manage third-party risk to acceptable levels. Let's take a closer look at each ability:
Repeatability is all about developing a consistent set of rules — from classifying and categorizing vendors to framing responses and mapping risks to controls. The outcome of a repeatable process is that you can apply this set of rules across your vendor landscape instead of doing it individually. This results in a predictable set of actions, activities and outcomes. As you consider the repeatability of your third-party risk program, know that:
The most sustainable third-party programs are built on foundations of solid data and practices that can adapt to changing business requirements. As you consider the sustainability of your TPRM program, ensure that:
Scalability is about doing more with the resources you have. For instance, if you have a predictable, programmatic process for classifying and tiering vendors, you can more efficiently collect and analyze vendor assessment content. Consider the following:
If you're curious about the repeatability, sustainability and scalability of your TPRM program, I recommend engaging with one of third-party risk management specialists who can guide you through a complimentary, 1-hour maturity assessment. You'll walk away with a report that specifically outlines a roadmap to address any shortcomings in your third-party risk management program. Contact us to schedule this assessment today!
Vendor risk management workflows speed the vendor onboarding process, while reducing risk throughout the third-party lifecycle...