TPRM PROCESS

 

Detailed overview of the Third-Party Risk Management (TPRM) Process, including key phases, activities, and best practices to help you effectively identify, assess, and mitigate risks associated with third-party vendors.

✅ Third-Party Risk Management (TPRM) Process Overview

Phase Key Activities Deliverables / Artifacts
1. Planning & Scoping - Identify business needs for third-party services- Determine risk appetite and TPRM scope- Define criticality criteria - Vendor classification framework- Risk appetite statement- Stakeholder requirements
2. Vendor Onboarding - Conduct initial due diligence- Gather basic vendor information- Classify vendors by risk level - Vendor intake form- Risk tiering matrix- Due diligence checklist
3. Risk Assessment - Perform in-depth risk assessment (based on vendor tier)- Use standard questionnaires (e.g., SIG, CAIQ)- Evaluate controls in place - Risk assessment report- Completed questionnaires- Supporting evidence/documents
4. Risk Mitigation & Remediation - Identify control gaps or weaknesses- Develop remediation plans- Negotiate security clauses in contracts - Risk mitigation plan- Contractual addendums- Remediation tracker
5. Contract Management - Ensure contracts include appropriate data protection, SLA, termination, audit rights, and compliance terms - Contract with security clauses- SLA documentation- DPA (Data Processing Agreement)
6. Continuous Monitoring - Monitor vendor performance and security posture- Conduct periodic reassessments- Track incidents - Continuous monitoring reports- Reassessment schedule- Threat alerts & newsfeeds
7. Offboarding / Termination - Ensure secure decommissioning- Revoke access- Retrieve or destroy data- Conduct exit review - Offboarding checklist- Data deletion certificate- Final risk review
8. Reporting & Governance - Maintain records for audits- Provide dashboards for stakeholders- Report risk trends - Risk dashboards- Audit logs- TPRM governance reports

🔒 Key Risk Domains Assessed in TPRM

  • Information Security

  • Cybersecurity

  • Data Privacy & GDPR

  • Compliance & Regulatory

  • Financial & Reputational Risk

  • Operational Resilience

  • ESG (Environmental, Social, Governance)

  • Supply Chain & Nth-Party Risk

  • Physical & Logical Access Controls

  • Business Continuity/Disaster Recovery

🛠️ Common Tools & Questionnaires

Tool/Framework Use Case
SIG (Standardized Information Gathering) Comprehensive due diligence & security assessment
CAIQ (Consensus Assessments Initiative Questionnaire) Cloud-specific risk & security control evaluation
NIST CSF / 800-53 Risk & control frameworks used for assessments and audits
ISO 27001 International standard for Information Security Management
SOC 2 / SOC 1 Third-party attestation reports for operational controls
GDPR / HIPAA Data protection and healthcare-specific compliance

📈 Best Practices in TPRM

  • Implement risk tiering to prioritize high-impact vendors.

  • Standardize assessments using SIG or CAIQ based on service type (e.g., cloud, IT, HR).

  • Ensure contractual enforcement of security obligations.

  • Perform annual reassessments for critical vendors.

  • Automate continuous monitoring using platforms like SecurityScorecard, BitSight, or Panorays.

  • Integrate TPRM into procurement and vendor management lifecycle.

  • Maintain audit-ready documentation for compliance reporting (e.g., SOC 2, ISO audits).

🧩 TPRM Program Team Roles

Role Responsibilities
TPRM Lead / Manager Owns the end-to-end TPRM program; oversees assessments and escalations
Security Analyst Conducts technical reviews, evidence validation, and security control assessments
Legal & Compliance Reviews contracts, DPAs, ensures regulatory alignment (e.g., GDPR, HIPAA)
Procurement/Vendor Mgmt Coordinates onboarding/offboarding and liaises with business stakeholders
IT / Business Owners Identify vendors, validate use case, and review risk mitigation outcomes


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