Third-Party Risk Management
Every organisation is different and for that reason, a one size fits all approach should not be applied to your third-party risk management (TPRM) program.
Protiviti delivers third-party risk management (TPRM) solutions that are embedded into day-to-day business functions while aligning to industry and regulatory expectations. We identify cost savings, create efficiencies in processes, and mitigate today’s most critical risks.
Successful TPRM drives value by helping business leaders gain visibility and understanding of the impact third parties have on increasing profitability, efficiency and compliance while ensuring your organisation's ecosystem has the resiliency to withstand new and unexpected challenges.
If you're in a regulated environment, we help you drive compliance. If you're in a non-regulated environment, we will help increase profitability.
Our Third-Party Risk Management Services
TPRM Strategy and Program Assessment, Design and Implementation/Transformation
We provide better information that helps drive business decisions and generates revenue enhancing activities from assessing the current state, designing and building end-to-end programs, enhancing individual life cycle components and implementing impactful changes.
Improvement of Individual Risk Domains: Operational Resilience (Business Continuity), IT Security, Privacy, PCI, and Compliance
We help leaders streamline data gathering and assessment activities to produce actionable information for each risk domain, support the creation of meaningful and real-time monitoring mechanisms and inform contracting processes through the creation of governance mechanisms that drive stronger Key Risk Indicators, Key Performance Indicators and Service Level Agreements.
Third-Party Audits (IT Security/ Shared Assessments, Operations, Compliance)
Protiviti’s assessment services drive decision making and inform risk stakeholders in a manner that is consistent with how your organisation manages its risks. We deliver meaningful output to our clients that informs whether a third party meets your expectations across the many risk domains.
Implement robust TPRM programs across a variety of industries and geographies. TPRM requires technology enablement to make life cycle processes connect seamlessly and provide stakeholders with the information required to make better decisions. Protiviti helps you navigate through these implementations to help streamline programs and processes to keep costs down.
Targeted Issue Remediation and Incident Response
Identify and resolve TPRM issues in a manner that supports your business and reduces the future risk of the same or similar issues repeating at a third party. Issues will arise with third parties no matter how strong your program may be.
An integrated approach to driving value
Procurement and TPRM should be integrated across the life cycle to enhance your visibility, efficiency, risk management and cost management. The four sections of the TPRM life cycle each have an important part to play in helping you determine the right partners to drive your business growth and customer success. Protiviti offers an integrated one-stop solution for financial, information technology, compliance and operational due diligence. Transactions that have been through a comprehensive due diligence process are the most successful, and you are able to realis their expected value.
- Planning: Successful TPRM starts with strong linkages to business strategies and the value creation process.
- Due Diligence & Third-Party Selection: Risk Assessment, Due Diligence & Third-Party Selection should be coordinated, risk focused and intended to drive business value decisioning.
- Contract Management: Contract Management should be informed from the results of due diligence and end in contracts that align to business needs and provide appropriate risk mitigation requirements.
- Monitoring and Management: Strong contracts drive accountability for oversight activities which helps establish expectations for all parties on what will be required to have a successful relationship.