Third Party Risk Management
Analyze and control third party risks. Avoid damages. Strengthen relationships.
Minimize your organization’s exposure to risks, manage third party relationships at scale.
Organizations are relying more on third party vendors to ensure faster production outcomes, meet tight delivery timelines, and lower costs. However, while expanding their operational ecosystem through third party suppliers to augment their products and services, they get exposed to unforeseen risks.
Risk and compliance objectives are no longer limited to traditional organizational boundaries, rather organizations now responsible for the actions of their third-parties. Third party risk management is the process of analysing, controlling, and monitoring the risks presented to an organization by a third party vendor.
Businesses can expose themselves to increased threats due to lack of dedicated third party risk management initiatives. These risks can be complex since it involves various stakeholders from different business functions accessing multiple systems and processes. Some of key drivers of third party risk management include:
The notion of the extended enterprise is becoming more important as firms have become more specialized and interconnected. This is due to globalized trade, standardized processes, and ubiquitous information. There are more dependencies due to this supply web and organizations can impose different types of risks on each other.
Developments in regulations such as GDPR, HIPAA, ‘Outsourcing Requirements’ from British FCA and ABAC has led to third party risk management compliance standards in non-financial sectors.
Organizational Risk Impact
Involvement of third parties in an organization’s business processes, IT Systems, data sharing (PII) models and inadequacies in third party control environments exposes the organization to data breach risks, IT risks, operations failure, and financial risks.
Diversity of Third Party Landscape
Third-party relationships also get expanded to contractors, joint ventures, fourth parties, and distributors. They carry different risk profiles making it difficult to identify, analyze, centralize, and monitor information.
Manage Third Party Risks
Aujas adopts a lifecycle approach to manage your third party risk management needs which includes planning, assessment, remediation, and periodic monitoring and improvement.
Identify the objectives (policies & standards) and compliance needs.
Align resources and set roles & responsibilities to execute risk assessments. Populate and centralize third party catalogue, MSA’s, and engagement data in the risk management system.
Categorize third-party vendors as per the requirements This reduces redundancy in questionnaires improving the timelines for completing assessments.
Execute risk assessment exercise to identify compliance and risk score. Assign relevant questionnaires to respective vendor SPOC and gather responses and artefacts. Employ risk-based segmentation can effectively categorize third parties and prioritize monitoring.
Analyze identified issues and remediate them with corrective measures. Assessor provides feedback to vendor SPOC after questionnaire response review and provides actionable advices to close critical observations. Issues or observations identified also drives the risk identification and remediation process.
Continuous monitoring of vendor performance by comparing current assessment with previous assessment to minimize risk scores.
Why Xiarch ?
Xiarch is an ISO 9001:2015 | ISO 27001-2013 licensed Cyber Security Company and IT Services Company with solutions providers in Information Security like VAPT Services, Penetration Testing Services, Vulnerability Assessment Services, Among our consumers we proudly work for Government Organizations, Fortune one thousand Companies and countless start-up companies. We are additionally Value Added Partners, Authorized Re-sellers & Distributor of Leading Web Application Security Testing Tools.
We are headquartered in Delhi and have branch presence in Gurugram, Mumbai and Chennai - India
Interested in our Third Party Risk Management?
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New Delhi - Head Office
Xiarch Solutions Private Limited
- 352, 2nd Floor, Tarun, Outer Ring Road, Pitampura, New Delhi, Delhi 110034