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Third-party Vendor Risk Management

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Third-party Vendor Risk Management

Third-party Vendor Risk Management

Vendor Risk Management

Businesses rely on third-party outsourcing for efficiency but face environmental, reputational, and security risks. Third-party vendor risk management (TRPM) mitigates these risks, mandated by regulations like CMMC, HIPAA, NERC, and NIST. PlatformOne, leveraging extensive experience, assesses and manages vendor risks comprehensively. We offer tailored frameworks for ongoing risk assessments aligned with industry needs and individual business requirements, ensuring robust cybersecurity strategy implementation.

Third-Party Vendor Risk at a Glance

Today, the average enterprise works with 5,900 third parties
54% of organizations have been breached through a third party in the last 12 months
In three years, software supply chain attacks have increased by 742%
The average organization employs nearly 250 SaaS tools which can lead to software supply chain attacks

Third-Party Vendor Risk Management Services

TPRM Framework Creation

Develop framework: Assess vendors per regulations, due diligence, SLAs, security.

Identify and Categorize

Create vendor inventory, categorize by data access and confidentiality level.

Risk Scoring

Assign risk scores based on data access and internal processes.

Documentation and Reporting

Summarize findings for decision makers, detailing risks, severity, and solutions.

Risk Remediation

Collaborate with vendors, remediate risks, and communicate security violations.

Risk Tracking

Continuously track risks, remediate, score, and review vendors for compliance.

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