Third-Party Risk Management Best Practices

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New Guide Offers Expert Advice for Effective and Efficient Vendor-Risk Processes

A robust, effective, and efficient Third-Party Risk Management (TPRM) program is essential to protect organizations – to mitigate the risk companies face from third-parties and to ensure they are in compliance with regulators. 

We have found that those who define and develop strong TPRM programs that are thoughtfully planned, rooted in best practices, and designed to incrementally improve lead to healthier, safer companies that are better prepared to face both expected and unexpected challenges. 

Your goals ultimately determine the extent of your Third-Party Risk Management investment. But no matter where you are, there is always an opportunity for growth: whether you are an informal program thrown together out of necessity, a reactive program that is a bit more mature, a proactive program that incorporates sound structure and many best practices, or an optimized program that functions at a high level – there are opportunities to advance and strengthen your organization’s TPRM program. 

ProcessUnity is Sharing the Third-Party Risk Management Lessons We Learned

In our expert guide, Third-Party Risk Management Best Practices, our team details lessons learned from hundreds of real-world efforts working with organizations to improve their vendor-risk programs. We outline a set of clear recommendations to follow to enhance your company’s program, no matter what stage it is at.

Conceptually, Third-Party Risk Management is simple to understand – put a spotlight on the policies and procedures, risks and controls of third parties and ensure those vendors are doing things how they should. The execution, however, is more challenging. 

Our guide takes readers through the process of building an effective and efficient TPRM program. Written by a team of hands-on strategy and automation experts, it defines the stages of third-party risk management programs, explores key elements essential at each stage, and makes specific recommendations on how to incorporate improvements.  

Specifically, Third-Party Risk Management Best Practices:

  • Defines the building blocks of third-party risk management programs
  • Explores the processes for vendor onboarding and monitoring
  • Examines the importance of inherent risk and how it should be incorporated into programs
  • Discusses residual risk and how to determine ongoing review cadences for vendors
  • Recommends ways to integrate content and service offerings into programs
  • Provides direction on how to perform self-assessments of your organization’s third-party risk management program
  • Suggests actions to improve your program

Download Third-Party Risk Management Best Practices now and learn how to chart your company’s path to a more effective and efficient TPRM program.

 

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