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Third-Party Risk Management (TPRM)
What is Third-Party Risk Management (TPRM)?
Third-Party Risk Management (TPRM) is one of the most important cybersecurity issues of our time. In early 2025, The World Economic Forum and Accenture identified it as today’s biggest cybersecurity risk.
TPRM is a systematic approach to understanding and managing the risks that an organization faces due to its reliance on third parties.
Third parties can access sensitive data, intellectual property, and personally identifiable information, making them potential entry points for cyberattacks, supply chain attacks and other risks.
- Identifying: Recognizing all third-party relationships and the risks associated with each.
- Assessing: Evaluating the potential impact of third-party risks on the organization’s operations, reputation, and compliance.
- Mitigating: Implementing controls and strategies to reduce or eliminate identified risks.
Examples of Third-Party Risks:
- Cybersecurity risk: Data breaches, phishing attacks, and other cyber threats.
- Operational risk: Disruptions to supply chains, service delivery issues, and other operational problems.
- Financial risk: Financial losses due to poor vendor performance or fraud.
- Reputational risk: Damage to the organization’s reputation due to third-party actions or failures.
- Compliance risk: Non-compliance with laws, regulations, or industry standards.
- Due diligence: Thoroughly assessing potential third parties before engaging with them.
- Contract negotiation: Establishing clear terms and conditions in contracts with third parties.
- Ongoing monitoring: Continuously monitoring third-party performance and compliance.
- Risk remediation: Addressing identified risks and implementing corrective actions.
TEKRiSQ’s 5 PHASE APPROACH TO TPRM
Organize Data
identify every asset that needs cybersecurity review. Your business, your websites, your third party cyber ecosystem partners, etc. We help organize scope and address it efficiently.
Assess
perform cyber risk assessment at scale, everywhere needed. Make it fast, easy and affordable. enable flexible times to conduct them, and offer them in the languages of the people you do business with.
Profile & Baseline
Maintain cyber risk profiles on each company you do business with, baseline risk across your organization, and establish minimum standards that are realistic.
Remediate
Address gaps across the cyber ecosystem, and take action to remediate risks. Deliver a validation mechanism to ensure remediations stay in place and remain in use.
Insure
Risk transfer strategies help offset losses. Seek collaboration across your cyber ecosystem, and make sure standards include insurance that covers third parties.
