Third-Party Risk Management (TPRM)

Manage and Mitigate Third-Party Security Risks

Comprehensive third-party vendor risk assessment and management platform. Evaluate, monitor, and manage security risks from suppliers, contractors, and business partners throughout the entire vendor lifecycle. Ensure third-party compliance, conduct due diligence, and maintain continuous oversight of vendor security posture.

Key Benefits

Risk Assessment

Conduct comprehensive security assessments of vendors and suppliers. Use standardized questionnaires and evaluation criteria. Score and categorize vendors by risk level. Identify potential security gaps before onboarding.

Due Diligence

Streamline vendor due diligence process with templates and workflows. Collect and review security documentation. Track compliance certifications and attestations. Maintain complete audit trail of vendor evaluations.

Continuous Monitoring

Monitor vendor security posture throughout the relationship. Track changes in risk levels and security incidents. Receive alerts for compliance lapses or certificate expirations. Conduct periodic reassessments.

Compliance Management

Ensure vendors meet regulatory and contractual requirements. Track compliance with ISO 27001, SOC 2, GDPR, and other standards. Manage security requirements in contracts. Generate compliance reports for auditors.

Features & Capabilities

Vendor Management

  • Centralized vendor database
  • Vendor profile management
  • Contact and relationship tracking
  • Service and data access documentation
  • Vendor categorization by risk level
  • Status tracking (active, pending, suspended)
  • Vendor lifecycle management
  • Multi-company support

Risk Assessment

  • Security assessment questionnaires
  • Customizable assessment templates
  • Risk scoring and rating system
  • Automated risk calculations
  • Risk level categorization (low, medium, high, critical)
  • Assessment history and trends
  • Comparative risk analysis
  • Risk heat maps and dashboards

Questionnaires & Templates

  • Pre-built security questionnaire templates
  • Custom questionnaire builder
  • Question library management
  • Conditional questions logic
  • Multiple question types (text, choice, file upload)
  • Template versioning
  • Industry-standard frameworks (SIG, CAIQ)
  • Template sharing and reuse

Document Management

  • Vendor document repository
  • Security certificates and attestations
  • Compliance documentation
  • Contract and SLA storage
  • Document version control
  • Expiration tracking and alerts
  • Document review workflows
  • Secure document sharing

Assessment Workflow

  • Assessment initiation and scheduling
  • Vendor self-assessment portal
  • Internal review and approval
  • Collaborative assessment process
  • Comments and notes
  • Assessment status tracking
  • Automated reminders and notifications
  • Assessment completion tracking

Reporting & Analytics

  • Vendor risk dashboards
  • Risk distribution reports
  • Assessment completion tracking
  • Trend analysis over time
  • Compliance status reports
  • Executive summary reports
  • Custom report builder
  • Export to PDF, Excel, CSV

Compliance & Standards

  • ISO 27001 vendor requirements
  • SOC 2 Type II tracking
  • GDPR data processor compliance
  • PCI DSS service provider validation
  • HIPAA business associate agreements
  • Custom compliance frameworks
  • Certification expiration monitoring
  • Audit trail and evidence collection

Integration & Automation

  • Email notifications and reminders
  • Automated risk scoring
  • Scheduled reassessments
  • Workflow automation
  • Integration with contract management
  • API for external integrations
  • Bulk vendor import/export
  • Calendar integration

Use Cases

Vendor Onboarding

Streamline security evaluation of new vendors before engagement. Send assessment questionnaires to prospective vendors. Review security documentation and certifications. Score vendor risk and make informed decisions. Ensure security requirements are met before contract signing.

Ongoing Vendor Monitoring

Maintain continuous oversight of existing vendor relationships. Schedule periodic reassessments (annual, bi-annual). Monitor changes in vendor security posture. Track compliance certificate renewals. Identify and address emerging risks promptly.

Regulatory Compliance

Meet regulatory requirements for third-party risk management. Demonstrate due diligence to auditors and regulators. Maintain evidence of vendor security assessments. Track vendor compliance with data protection regulations. Generate audit-ready reports.

Supply Chain Security

Assess and manage security risks across the supply chain. Identify critical vendors with access to sensitive data or systems. Evaluate security of cloud service providers. Monitor software supply chain risks. Ensure business continuity through vendor risk management.

Data Processor Management

Manage vendors who process personal data under GDPR. Track data processing agreements (DPAs). Verify appropriate technical and organizational measures. Monitor sub-processor relationships. Ensure data protection compliance throughout vendor relationships.

Vendor Risk Reporting

Provide executive visibility into third-party risk landscape. Generate board-level risk reports. Track vendor risk trends over time. Identify high-risk vendors requiring attention. Support strategic decisions about vendor relationships.

Technical Details

Architecture

Django-based application with MySQL database. RESTful API for integrations. Celery for scheduled tasks and notifications. Document storage with version control. Multi-company architecture for enterprise deployments. Role-based access control (RBAC) for different user types.

Security

Encrypted data storage for sensitive vendor information. Secure document handling and access controls. Audit logging of all assessment activities. Vendor portal with secure authentication. Data segregation between companies. Compliance with data protection regulations.

Scalability

Support for thousands of vendors and assessments. Efficient questionnaire rendering and processing. Bulk operations for large vendor portfolios. Optimized database queries for reporting. Horizontal scaling capability. Archive management for historical data.

Customization

Customizable assessment templates and questionnaires. Flexible risk scoring algorithms. Configurable vendor categories and statuses. Custom fields for vendor profiles. Branded vendor portals. Workflow customization. Integration APIs for custom requirements.

Frequently Asked Questions

What is Third-Party Risk Management (TPRM)?

TPRM is the process of identifying, assessing, and mitigating security and compliance risks associated with vendors, suppliers, and business partners. It ensures that third parties meet your organization's security standards and regulatory requirements throughout the relationship lifecycle.

Why is TPRM important?

Third parties often have access to sensitive data and critical systems. Security breaches at vendors can impact your organization. Regulations require due diligence on third-party processors. TPRM helps prevent supply chain attacks, ensure compliance, and protect your organization from vendor-related risks.

How do I assess a new vendor?

Create a vendor profile, select an appropriate assessment template, send the questionnaire to the vendor, review their responses and documentation, score the risk level, and make an informed decision about engagement. The system guides you through each step of the process.

Can vendors complete assessments themselves?

Yes, vendors can access a secure portal to complete questionnaires, upload documents, and provide required information. They receive email notifications and reminders. Internal teams then review and validate vendor responses before final approval.

How often should vendors be reassessed?

Best practice is annual reassessment for most vendors. High-risk or critical vendors may require more frequent assessments (quarterly or semi-annually). Low-risk vendors might be assessed every 2-3 years. The system supports scheduled automatic reassessments.

What questionnaire templates are available?

The system includes templates based on industry standards like SIG (Standardized Information Gathering), CAIQ (Consensus Assessments Initiative Questionnaire), and custom security questionnaires. You can also create your own templates tailored to your specific requirements.

How is vendor risk scored?

Risk scoring is based on questionnaire responses, documentation completeness, compliance certifications, data access levels, and services provided. The system calculates risk scores automatically and categorizes vendors as low, medium, high, or critical risk. Scoring algorithms can be customized.

Does it support compliance requirements?

Yes, the module supports various compliance frameworks including ISO 27001 (Annex A.15), SOC 2, GDPR (Article 28), PCI DSS (Requirement 12.8), HIPAA, and others. It helps demonstrate due diligence and maintain audit trails required by regulations.

Can I track vendor certifications?

Yes, you can upload and track vendor security certifications (ISO 27001, SOC 2, etc.), monitor expiration dates, receive renewal reminders, and maintain a complete history of vendor compliance documentation. This ensures vendors maintain required certifications.

How does it integrate with other modules?

TPRM integrates with Document Management for vendor documentation, Risk Management for overall risk assessment, Incident Management for vendor-related incidents, and Compliance Management for regulatory tracking. It provides a comprehensive view of third-party risks across the platform.

Related Modules

Risk Assessment & Management

Document Management

Standards & Compliance

Incident Management

Ready to Get Started?

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