Third-Party Risk Management Services

We help reduce the growing risk of supply chain compromise.

We help reduce the growing risk of supply chain compromise through our third-party risk management (TPRM) assessment and mitigation services.

Tesserent is your partner in accurately identifying and quantifying cyber risk in your third-party suppliers. We offer expert Third Party Risk Management (TPRM) assessment and mitigation services to protect your systems, data and operations.

  • Understand third-party attack vectors and develop strategies to mitigate risk

  • Enhance security and privacy by controlling third party risk

  • Ensure third parties adhere tocompliancestandards that match your own

  • Reduce the likelihood and impact of incidents, while increasing stakeholder trust

Whether you're evaluating a prospective vendor, want to improve existing third party security practices, or need help identifying supply chain attack vectors, we're here to support you. Our experienced team provides tailored solutions, from assessments and mitigation strategies to frameworks for supplier onboarding and audits.

What is Third Party Risk?

Third-party risk is the risk to your internal systems, data, and operations exposed in dealing with an external supplier. Threats and risks exist in supplier ecosystems just like they affect your own. Your internal risk management processes may be airtight, but just one supplier who doesn’t perform due diligence in their own security can negatively impact your business.

Why is third party risk important?

Supply chain attacks are increasingly common. The Verizon 2024 Data Breach Investigations Report shows a 68% year-on-year increase in security incidents caused by supply chain vulnerabilities. No matter whether a third party vulnerability lies within a software product or an employee at your cleaning company, this risk must be identified to be dealt with effectively.

Examine third party risk like internal risk

With the right assessments, frameworks, policies, and tools in place, you can extend risk management practices beyond the boundaries of your organisation to third parties. By effectively managing third party risk, you reduce the chance of unwelcome, costly surprises. Accurately identify and quantify third party risk with a TPRM assessment, followed by targeted mitigation strategies and incident response playbooks.

What is a third-party risk management assessment?

A thorough TPRM assessment can assist in safeguarding your organisation’s operational continuity, sensitive information and intellectual property, and foster resilient, trust-based relationships with suppliers.

Key elements of TPRM assessment

Ours is a four-step process:

  1. Identification of third parties

  2. Gather evidence and artifacts

  3. Assessment of third parties

  4. Reporting and ongoing remediation

The reporting phase involves third-party risk scoring and detailed risk analysis including impact, likelihood, triggers, priority, and mitigation strategies.

The benefits of assessing third-party suppliers

A TPRM assessment allows you to:

  • Uncover unknown risks to your systems, data, and operations

  • Score suppliers and vendors according to their risk profile

  • Pinpoint risks from third parties and determine risk mitigation strategies

  • Ensure you are truly compliant with internal, industry and legal requirements

  • More effectively manage third-party security performance and relationships

  • Gain confidence in prospective suppliers

  • Optimise security in third-party interactions

  • Reduce the likelihood and impact of third-party attacks, ensuring business continuity, through documented incident response procedures lead by risk analysis

TPRM assessment use cases

A TPRM assessment can be conducted on a one-off occasion or on an ongoing basis.

  • An initial TPRM assessment of all third-party providers

  • Before engaging a new supplier

  • Before entering new relationships with government partners

  • When undergoing significant internal changes

  • When changing the contract terms or taking on new capabilities with a supplier

  • When a supplier’s holdings or business operations change significantly

  • Before performing a merger or acquisition

  • On a regular basis, e.g. yearly audits

How can Tesserent help?

Tesserent has delivered TPRM assessment and remediation services over many years, across a diverse range of industries and clients. That broad and deep experience means we can help organisations identify risks and put in place appropriate controls that ensure data is well protected. Our staff can assist you in the development, design, remediation and assessment of your requirements. Our TPRM services can be tailored to your requirements and may include:

  • TPRM Assessment

  • TPRM Mitigation Strategy and Incident Response Development

  • TPRM Remediation Services

Tesserent’s broad TPRM services include comprehensive reviews of all relevant documentation, interviews and investigation with third parties and the production of a third-party provider security report that will guide your path towards supplier confidence. This includes a comprehensive presentation to management that outlines the risks, how they can be mitigated and how further action will help the organisation as it moves forward in its cybersecurity journey.

And once you have full knowledge of existing third party risk, Tesserent's suite of cybersecurity services can help you with regular audits, and advice on how to continually improve your security posture and be prepared for emerging and potential new threats. This ensures you have an eye on continuous improvement and not simply on just one-off assessments.

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Tess head 4 min

What is a third party and a fourth party?

Third parties are external vendors, contractors, and other suppliers that your organisation engages. Third parties supply software, services, and other products that interact with your systems, data, and processes. Fourth parties are a step removed; they supply your third-party providers. Conducting further fourth party risk assessment is an optional Tesserent service.

What happens after a TPRM assessment?

After a TPRM assessment, the risks are evaluated, and contingency plans and procedures drawn up. Depending on your organisation’s risk appetite, existing relationships may need to be re-examined, new security practices put into place, and incident response plans created.

How often should TPRM audits occur?

For third parties identified as medium to high risk, an audit is recommended on a yearly basis.

Who needs a TPRM assessment?

While TPRM assessments are useful for every business, they are essential for those undertaking high-security operations or with high-security assets. Government partners may be required to undertake TPRM assessments as part of mandated due diligence activities.

What is the benefit of outsourcing TPRM?

Internal security teams are often under-resourced and under-experienced to conduct thorough and efficient TPRM activities. By bringing on a reputable partner, such as Tesserent, we leverage the internal knowledge of your security team to get the job done both quickly and comprehensively.