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Third-Party Risk Management Solutions
Automate manual third-party risk management processes and meet compliance requirements
TPRM is Complex. Simplify it with Mitratech.
Third-party risk management (TPRM) is the process of identifying, assessing, and mitigating the risks associated with engaging external third parties such as vendors, suppliers, contractors, and business partners. It involves thorough due diligence to address potential risks that could affect an organization’s operations, financial health, cybersecurity, legal standing, or ability to serve its customers. These risks may encompass cybersecurity incidents, supply chain disruptions, labor shortages, financial instability, political factors, and regional conflicts.
It’s a lot to keep track of. That’s why Mitratech TPRM enables organizations to proactively manage risks and plan responses rather than reacting to issues as they arise, ensuring business continuity and protecting key stakeholders.
Why is Third-Party Risk Management a Challenge for Many Organizations?
Manual Processes
50%
of companies still use spreadsheets to manage third parties.
Lifecycle Gaps
29%
of companies say they track third parties throughout the relationship lifecycle, leaving gaps in risk coverage.
Limited Visibility
33%
of vendors are missed in the risk assessment process.
What are the Benefits of Third-Party Risk Management?
Scale for Growth
Automated TPRM processes enable teams to assess more third parties more accurately, matching the speed of the business.
Mitratech Third-Party Risk Management Solutions
Request a DemoExplore Mitratech Third-Party Risk Management Solutions
The Mitratech TPRM solution combines AI-powered risk assessments with continuous risk monitoring and remediation management across the entire third-party lifecycle - from onboarding to offboarding.
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Vendor Risk Assessment
Automate the collection, analysis, and remediation of vendor risks across your entire third-party vendor and supplier risk management lifecycle.
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Vendor Risk Monitoring
Validate vendor questionnaires and controls with continuous cyber, operational, reputational, and financial risk intelligence.
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Vendor Risk Assessment Managed Services
Leverage expert-managed services to oversee the vendor risk lifecycle on your behalf.
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Vendor Intelligence Networks
Tap into our vendor risk networks, containing thousands of completed, standardized assessments to quickly check risk scores and complement your 1:1 assessment activities.
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FAQs: Your Third-Party Risk Management Solution Questions, Answered.
How do Third-Party Risk Management (TPRM) solutions work?
TPRM solutions centralize vendor data, automate assessment processes, and provide continuous monitoring of third-party risks. Many solutions also offer reporting tools, compliance frameworks, and risk remediation guidance to help you make informed decisions regarding your third-party vendors. Meanwhile, TPRM solutions automate processes like due diligence, risk monitoring, and compliance tracking to streamline operations and improve security.
Which industries benefit the most from TPRM solutions?
Industries like healthcare, finance, legal, retail, and manufacturing benefit significantly due to their heavy reliance on third-party vendors and strict regulatory environments.
Why should my organization invest in a TPRM solution?
A TPRM solution reduces manual effort, ensures regulatory compliance, and provides real-time visibility into vendor risks. By automating manual processes like assessments and monitoring, TPRM solutions save time, reduce labor costs, and minimize financial losses caused by vendor-related risks or non-compliance issues.
What features should I look for in a TPRM solution?
The right third-party risk management solution will offer:
- Automated vendor assessments and risk scoring
- Real-time monitoring of vendor performance and compliance
- Reporting and analytics dashboards
- Integration with regulatory frameworks
- Scalable functionality for growing vendor networks
- Support for remediation and response planning
- Managed services options to offload vendor management
Can Mitratech’s TPRM solution integrate with my existing systems?
Yes, Mitratech TPRM solutions are designed to integrate seamlessly with your existing systems and applications, ensuring a unified approach to risk management.
Is this a TPRM solution suitable for small to medium-sized businesses?
Absolutely! Mitratech TPRM solutions offer flexible plans tailored to businesses of all sizes, helping smaller organizations manage vendor risks effectively without straining resources.
What is the difference between third-party risk management and vendor risk management?
While often used interchangeably, vendor risk management (VRM) is considered a specialized area within the broader practice of third-party risk management (TPRM). VRM deals with risks tied to vendors, while TPRM addresses risks across all types of third-party relationships.
©2025 Mitratech, Inc. All rights reserved.
©2025 Mitratech, Inc. All rights reserved.