Third-Party Risk Management (TPRM)
KRITSOL offers specialized Third-Party Risk Management (TPRM) services to help organizations navigate regulatory requirements like DORA (Digital Operational Resilience Act), EBA (European Banking Authority) or CSSF (Commission de Surveillance du Secteur Financier). KRITSOL assists in conducting vendor risk assessments, developing TPRM frameworks, and ensuring compliance with industry-specific regulations, including those mandated by DORA for financial institutions and CSSF for Luxembourg-based entities. By streamlining vendor onboarding, performing continuous security and compliance monitoring, and offering incident response and risk remediation, KRITSOL helps clients minimize third-party risks, meet regulatory obligations, and strengthen cybersecurity.
What is Third-Party Risk Management (TPRM)?
Third-party risk refers to the potential harm an organization faces due to connections with external entities like suppliers and contractors, who may have access to sensitive information or systems. Third-party risk management (TPRM) involves assessing, controlling, and monitoring these risks through processes like vendor evaluation, engagement, and continuous monitoring to protect organizations from cybersecurity breaches, operational disruptions, compliance issues, and financial loss.
Who needs TPRM?
Third-Party Risk Management (TPRM) is vital for organizations relying on external vendors, partners, or service providers. Key sectors that require TPRM include financial services, healthcare, government agencies, manufacturing, technology, and retail. Financial institutions and healthcare providers need TPRM to comply with strict data protection regulations, while government agencies must protect sensitive data and infrastructure. Manufacturing and supply chains use TPRM to manage supplier risks and ensure continuity, while technology and retail companies rely on TPRM to secure customer data and maintain operational reliability. Overall, any organization with third-party dependencies should implement TPRM to mitigate risks related to security, compliance, and business operations.
How can KRITSOL help?
KRITSOL can help organizations address Third-Party Risk Management (TPRM) by providing vendor risk assessments, developing TPRM frameworks, and streamlining vendor onboarding through due diligence checks. KRITSOL can offer continuous monitoring to ensure vendors maintain security and compliance, while also providing incident response and risk remediation services in case of breaches. Additionally, KRITSOL can deliver training on TPRM best practices and integrate automated tools to manage vendor risks more efficiently, ensuring clients reduce third-party risks, maintain compliance, and enhance cybersecurity.