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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
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Third-Party Risk Management (TPRM): Program Development Guide
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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Let us help you assess and manage third-party risk with a mature vendor management program.

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