Third Party Risk Management (TPRM)

Companies rely on third parties to handle many business functions like IT infrastructureSOC servicesPayroll processingapplications developmentdata analyticscloud solutions, and many more, to be able to concentrate on their core business.
Reaping the benefits of using third-parties does not come without risk. Depending on the level of third- party integration and level of data sharing/access granted to such third-parties, weaknesses at third party side could pose a risk at the company side as has been seen with Target and SolarWinds breaches. It is hence imperative to have an effective third-party risk management (TPRM) program to properly and continuously assess and manage third party risks.
Our TPRM consulting services offer a comprehensive approach to managing third-party risks, which covers the overall high-level program components as well as the on-going vendor risk management processes.
Our team of experienced consultants has a deep understanding of the latest industry trends and regulations, and they work closely with our clients to develop customized TPRM program that meets their specific needs and requirements.

The objective of TPRM (Third Party Risk Management) consulting services is to help organizations develop and implement effective TPRM program that ensures visibility over third-party risks and effective treatment plans, while maintaining a win-win relationship.

TPRM consulting services aim to achieve the following objectives


The following represents the road map to help institutions elevate their TPRM capabilities:

Setting up the TPRM Program

Governance and Oversight
Policies and Standards
Technology Assessment
Metrics and Reporting

Third-Party Risk Management lifecycle

Third-party Identification
Third-party Classification
Third-party Assessment
Third-party Onboarding
Third-party Monitoring & Management
Third-party Termination

Third-Party Risk Management lifecycle

Using the processes developed as part of the TPRM framework, we would assess a number of existing vendors to measure their risk levels by analyzing responses to shared questionnaires and log detected issues, and select the best risk response that supports business objectives.


Here is an overview of the main deliverables and key milestones from each phase of a BCMS (Business Continuity Management System) implementation project:

Project Initiation
Scope || Project Plan || Project Team Roles and Responsibilities || Project Timeline
Establishing TPRM Governance
Governance Structure Document || Roles and responsibilities || Committee Charter || Vendor risk tier criteria || Vendor Risk || Assessment Methodology || Performance metrics
Policies and Standards
TPRM Policy || Applicable regulations
Identification || Classification || Assessment || Onboarding || Monitoring and Management || Termination
Technology Assessment
Feedback on TPRM tools and technologies in use || Recommendations
Metrics and Reporting
Develop Reporting as needed per audience group using available metrics.