What is a Third Party?

Third-Party risk exists in every organization and can be a cumbersome process to manage. RSI takes on this critical task through automation and expert assessor services.

When we think of third parties, we commonly associate the term “vendor.” While a vendor is a third party, there are others to consider when we talk about the third party risk landscape. Among them are vendors and suppliers, Service providers such as IT services, businesses services, and transportation, Strategic partners like brokers, consultants and resellers, Professional firms like legal accounting, and business operations, Also contractors and demand-side partners, and joint ventures and alliances.

What are Third Parties?
What Is TPRM?

Third Party Risk Management (TPRM)

Identifying, assessing and controlling risks presented throughout the lifecycle of your relationships with third parties.

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Third Parties Across the Enterprise

Why Monitor Your Third Parties?

Third Party Risk Types

Key Challenges in Managing Risk

Many companies don’t know who is responsible for TPRM!

RSI’s TPRM Approach

Assessments & Due Diligence

Third-Party Lifecycle Management
Issue & Exception Handling
Workflow Automation
Contract Management

Cyber Risk Exchange

Existing and Public Assessments
Vendor Risk Profiles
Breach & Enforcement Tracker
Vendor Risk & Performance Monitoring

Third-Party Liaison

Due Diligence Efforts
Third-Party Vetting
Contact Verification
Assessment Completion and Follow-Up

RSI TPRM Active Remediation!

PROFESSIONAL SERVICES

  • Establish policies

  • Create vetting workflows

  • Risk rate third parties

  • Lifecycle management

  • Automate assessments based on criticality

RSI will ensure time is well-saved and time is well-spent with each engagement.

TPRM by RSI – Client Experience

Starting the Conversation

  • How are you managing third parties for security and compliance?

  • If you lost a particular vendor, would your business continue?

  • Do you monitor your critical vendors for data breaches?

  • Do you run credit reports on your vendors?

  • What is your contingency for vendors who experience an outage?

Review – TPRM by RSI

  • Manages and Monitors third parties

  • Onboards third parties

  • Risk rates third parties

  • Creates workflows

  • Monitors vendors

  • Alerts when there are events related to risk

  • Manages third party lifecycle

  • Provides risk treatment plans

  • Monitors financial health of third parties

Provides insights to reduce risks posed by third parties.
Improves overall business operations.

Managing Third Parties is Cumbersome

  • Lack of skilled resources

  • Lack of time – numerous attempts to track down vendors for questionnaire responses

  • Hours to keep up with ongoing reviews and partnership renewals

  • You’re notified at the last minute (or sometimes not at all) of a new vendor that requires a security review

  • Multiple disparate systems to store vendor information (no centralized system)

  • Unable to report on the status

  • Your present internal process is treated as a check-the-box

RSI's Difference

RSI creates Radical Solutions to pressing problems with Disruptive Technologies and Disruptive Processes. For many of our clients, we are a game changer because our solutions can transform people and culture. 

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