The TPRM Challenges You Face
As a Third-Party Risk Management Executive, you face several pressing challenges:
- Resource Limitations and Inefficiencies: You find it difficult to manage the program effectively due to limited TPRM resources and the explosion of existing and potential suppliers. The use of manual processes for managing the program—requesting, tracking, receiving completed self-assessments; evaluating responses to identify potential risks; prioritizing and reporting risk; and driving remediations—further complicate the situation, resulting in substantial backlogs and lengthy lead times for new supplier onboarding.
- Inadequate Risk Assessments: Resource constraints and the manual approach mean that you can conduct in-depth risk assessments for only a small, critical subset of vendors. Yet, the remaining vendors could still pose serious risks to your company’s business continuity, data security, or compliance that remain unassessed.
- Lack of Transparency: Reporting on the risk tiers of vendors or the risk status of a particular vendor becomes challenging without a clear view into the entire process, from identifying and assessing risk, to detailed due diligence, and mitigating risks.
- Process Delays: The involvement of multiple stakeholders in engaging with third parties slows down the process of vetting new third parties.
- Cybersecurity Concerns: Your organization may not have the resources or expertise to evaluate or tackle cybersecurity risks from your third parties. In the event of a security breach at one vendor, you would need to navigate through hundreds of self-assessment responses across numerous third parties to determine if other third parties have implemented appropriate security measures. Cybersecurity requirements are often overshadowed by other third-party concerns such as privacy, resiliency, and financial risk.
- Regulatory Compliance: Managing compliance across jurisdictions can be challenging, particularly with local regulations like data privacy and data sovereignty rules that vary across regions/countries, especially in an evolving regulatory landscape.
- Continuous Monitoring: Implementing continuous monitoring controls, which necessitate periodic assessments, proves challenging due to resource constraints. Furthermore, the ever-evolving risk landscape, influenced by new threats, regulations, and business practices, adds complexity to what continuous monitoring needs to keep pace with.
Facing these challenges head-on and implementing robust risk management strategies can significantly reduce risk and foster a resilient third-party ecosystem.
Mitigating TPRM Challenges with ProcessUnity
ProcessUnity is committed to equipping Third-Party Risk Management Executives with a suite of comprehensive solutions designed to tackle the multifaceted challenges of third-party risk management:
- Resource Optimization: Our automated systems streamline the TPRM process, reducing reliance on manual operations, enhancing effectiveness, and freeing up resources. This reduces backlogs and expedites new supplier onboarding, thus injecting efficiency into your operations.
- Comprehensive Risk Assessment: Leveraging our robust platform, you can conduct risk assessments across all your vendors, not just a chosen few. This ensures a blanket coverage reducing unidentified risks to your organization.
- Enhanced Transparency: With ProcessUnity, you gain an end-to-end visibility of your third-party risk management process. This transparency simplifies risk tier reporting, identifies risk status of vendors, and provides deep insights into due diligence and risk mitigation efforts.
- Minimized Process Delays: Our platform facilitates seamless stakeholder engagement, quickening the vetting process of new third parties and eliminating unnecessary bottlenecks.
- Cybersecurity Defense: Our solutions are designed to assess and mitigate cybersecurity risks from your third parties. In the event of a security breach at one vendor, our platform can swiftly identify if other third parties have implemented the necessary security measures.
- Regulatory Compliance Management: We provide robust tools to manage compliance across multiple jurisdictions. Our platform is updated with evolving regulations, assisting you in staying compliant with data privacy and sovereignty rules across regions.
- Continuous Monitoring: ProcessUnity offers a dynamic solution for continuous monitoring of your third-party risks. Our platform can adapt to new threats, regulations and business practices, thus ensuring your monitoring efforts stay ahead of the curve.
By implementing ProcessUnity’s solutions, you can effectively manage and mitigate third-party risks, fostering a resilient ecosystem for your organization.
Take the first step towards revolutionizing your third-party risk management program. Contact us today to schedule a demo and experience firsthand how ProcessUnity can mature your processes and elevate your team.