Third Party Risk Management Service

Third Party Risk Management Service
Unearth the risks outside organizational boundaries

While organizations strive hard to secure their own IT environment from different types of cyber security attacks, the risks arising from third-party service providers and weaknesses in their system remain underestimated. In today’s hyper-connected world, the risk of any single entity can get transferred to other associated entities through any communication channel. This can also result in security breaches, data loss, business disruption, brand image impact, and possible legal implications. Instead of ignoring these risks as “outside the boundaries”, organizations need to strengthen their Third Party Risk Management (TPRM) Program.

Key Points:

• Automates third-party risk management throughout the lifecycle of engagement
• Covers 18 domains, 700+ questions using SIG and other frameworks
• Scalable to support 10,000+ third parties
• Qualitative and quantitative risk rating with AI/ML-based analysis

Overview

LTM’s Third Party Risk Management services (TPRM) cover vendor onboarding process, as well as ongoing assessments by defining appropriate frequency and coverage based on risk profiling. TPRM services cover policies, processes, people, tools, and technologies, support qualitative and quantitative risk analysis, provide drill-down dashboarding capabilities, and benchmarks against industrial compliances and best practices.

LTM Approach

LTM TPRM services are delivered through a collaborative platform that facilitates interactive conversation and maintains repositories of all question banks, responses, evidences, and pass assessments, thus ensuring efficiency and transparency. LTM’s TPRM services determine third-party risk profile based on inherent risks identified during onboarding process and subsequently on residual risk. It defines frequency and coverage of risk assessment based on third-party risk profiling. The workflows, questionnaire, and rating system can be configured as per the specific business environment and used for ongoing assessments.

LTM TPRM service is a quick start activity and covers:

1. Third Party On-boarding
2. Third Party Assessment
3. Risk and Issue Mitigation
4. Industry Compliance

Key Features

LTM’s TPRM services are delivered through a collaborative platform that facilitates interactive conversation and maintains repositories of all question banks, responses, evidences, and past assessments, ensuring efficiency and transparency. These services determine third-party risk profiles based on inherent risks identified during onboarding and subsequently on residual risk. They define frequency and coverage of risk assessment based on third-party risk profiling. Workflows, questionnaires, and rating systems can be configured as per the specific business environment and used for ongoing assessments.

LTM TPRM services ensure cost-efficient and consistent delivery and help global compliance.

Feature | Benefits

• Analytics: AI/ML-led analysis and reports giving deeper visibility
• Repository: Central repository of question banks, evidences, past assessments for comparison and future assessments
• Collaboration: Internal and external collaboration for all stakeholders
• Automation: Automated workflows and rules enhancing efficiency
• Scalability: 10,000+ vendors; 50,000 products
• Integration: Out-of-box connectors and open APIs for systems integration