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 to compliance standards 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.
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.
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:
Identification of third parties
Gather evidence and artifacts
Assessment of third parties
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
Contact us
Speak with a Tesserent
Security Specialist
Tesserent is a full-service cybersecurity and secure cloud services provider, partnering with clients from all industries and all levels of government. Let’s talk.
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.