Third party risk management is a hot topic these days, so why is it an industry priority?  

Perhaps it's because everyone wants to know who is responsible for designing and executing their third party risk management program, or maybe it's because they are concerned that they don't have a Vendor Risk Management or Third Party Risk Management program!  

Can you use a CSF Assurance Program for third party risk management?  

Absolutely!  

Everyone needs to be aware of their program’s maturity level and what needs to be done to include cybersecurity in current third party risk management.  

Information and process requirements must be accurate and on point when working through the third party risk management process, and does it need to be incorporated into enterprise risk management for the organization?  

Yes!  

Contracts, limits and authorities must be clearly outlined in the third party risk management program - so what does a program look like?  

Looking for the answers?  

Join industry professionals for a fun look into third party risk management and all of your burning questions! 

Take control of your business: Maximize profitability and efficiency with Third Party Risk Management KPIs:

1) Risk mitigation planning strategies: the ability to proactively identify and plan for potential third-party risks)

2) Number and complexity of contracts: the number and complexity of contracts managed with third parties)

3) Contract compliance validations conducted: compliance metric based on the type and number of validations of contractual obligations)

4) Due diligence completion rates: percentage of completed due diligence reviews initiated for new and existing third-party relationships)

5) Third-party assessments: assessment metrics based on how quickly risk analysis and checks are completed for new third-party relationships)

6) Data aggregation accuracy: accuracy of data collected from third-party sources in order to accurately calculate risk related metrics)

7) Risk event response times: time between a third-party risk event and its corresponding response time)

8) Alerts and escalation management: metric corresponding to the number and types of alerts and escalations processed by the risk management team)

9) Incident and Root Cause Analysis (RCA): quantitative measure of incidence response effectiveness and RCA completeness and accuracy)

10) Reporting: quality and frequency of activity and risk monitoring reports created and utilized for ongoing oversight of third-party relationships.
 

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