GRC
November 18, 202422 min read
Third-Party Risk Management (TPRM): Program Development Guide
Build a robust vendor risk program with this TPRM guide covering assessment methodologies, continuous monitoring, and managing third-party cyber risk.
A
Asfaleia Team
Security Consultant
60%
Breaches via 3rd Party
5,800+
Avg Vendors
34%
Assess Annually
742%
Supply Chain Attacks
Why TPRM Matters
Third parties create significant risk exposure. 60% of breaches involve vendors, yet most organizations lack mature vendor risk programs.
Supply Chain Risk
Supply chain attacks increased 742% in recent years. One compromised vendor can impact thousands of organizations.
TPRM Process
Phase 1
Identify
Inventory vendors
Phase 2
Assess
Security evaluation
Phase 3
Mitigate
Address issues
Phase 4
Monitor
Continuous oversight
Vendor Tiering
1
Critical Vendors
Responsibilities
- Sensitive data access
- Critical operations
- High regulatory impact
- Difficult to replace
Skills
- On-site assessments
- Continuous monitoring
- Regular testing
Staffing
Full due diligence
2
Important Vendors
Responsibilities
- Some data access
- Important operations
- Regulatory considerations
- Replaceable with effort
Skills
- Detailed questionnaires
- Evidence review
- Periodic reassessment
Staffing
Standard assessment
Risk-Based Approach
Focus resources on critical and high-risk vendors. Not all vendors need the same level of scrutiny.
#TPRM#Vendor Risk#Third-Party Risk#Supply Chain#Risk Management#Due Diligence
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