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Definitive Guide to Third-Party Risk Management 

How to successfully mitigate your organization’s third-party risk

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How to build a resilient third-party risk management program

Effectively mitigate third-party risks

Understand how to identify, assess and manage the complex risks posed by your vendors, suppliers, and partners to safeguard your organization.

Streamline your program with automation

Discover how technology can help you onboard, screen, and continuously monitor third parties, ensuring efficiency and accuracy.

Drive program success and continuity

Learn to develop a comprehensive, risk-based strategy that promotes a unified approach, protects your reputation, and ensures business continuity.

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Why effective third-party risk management is essential

In today’s complex business landscape, organizations increasingly rely on a growing network of third parties, from vendors to international intermediaries. However, this reliance introduces myriad risks, amplified by increased globalization, regulatory enforcement, and rising cyberattacks. A comprehensive third-party risk management (TPRM) program is no longer optional; it’s a cornerstone of strong governance, risk and compliance (GRC).  

  • Growing reliance on third parties: Organizations increasingly outsource critical operations, posing diverse risks that leadership must prioritize.  
  • Increased enforcement: Global regulators are focusing heavily on third-party risk, with a growing trend of human rights regulations in the supply chain, notably laid out in the German Supply Chain Act and EU Supply Chain Directive.  
  • Rise in cyberattacks: With new technologies and exponential data sharing, understanding who accesses your data and how they handle it is critical.
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Key benefits of a strong third-party risk management program

Managing third-party risk can make a big difference in how well your organization can identify, manage, and limit the liability a third party can represent. Having a strong third-party risk management program helps your organization in several ways:  

  • Avoid fines and legal action: A strong program helps avoid legal action and fines, and may reduce penalties or mitigate regulatory action if an incident occurs.  
  • Promote ethical culture: Ensure third parties understand and abide by your code of conduct, attend compliance training, and attest to your policies, promoting an ethical culture.  
  • Produce accurate risk picture: A comprehensive program provides holistic data on risk exposure and protection, helping with training, policy, hiring decisions, and resource allocation.  
  • Protect your reputation: Safeguard client and customer relationships by prioritizing vetted third parties, preventing deep impacts from single third-party failures.
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Plan, implement, and measure your TPRM program

The Definitive Guide to Third-Party Risk Management is a comprehensive resource divided into three main sections: PLAN, IMPLEMENT, AND MEASURE. These sections provide the information and tools needed to develop a risk-based strategy and identify areas for program improvement.

  • Define your TPRM strategy

    Establish clear goals, identify all your third parties, consider the types of third-party risk, and define a consistent management process. Identify elements that can be automated to streamline processes and ensure adherence to standards.

Define your TPRM strategy

Establish clear goals, identify all your third parties, consider the types of third-party risk, and define a consistent management process. Identify elements that can be automated to streamline processes and ensure adherence to standards.

Explore more resources on third-party risk management

Continue your journey to a more secure and resilient organization with these related resources.

Ready to master third-party risk management?

An effective, well-resourced, and consistently applied third-party risk management program is in your best interest. It allows you to confidently engage with a growing network of partners and positively impact your overall GRC program.

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