Building a Third-Party Risk Management Program: 10 Critical Decisions

Mitratech Staff |

Starting or taking over a third-party risk management (TPRM) program can be a great career opportunity, especially as vendor data breaches and supply chain disruptions continue to make headlines. However, owning a TPRM practice is not for the faint of heart.

If you’re charged with running a TPRM program, then you may have hundreds or thousands of vendors, suppliers, and other partners to assess – each posing a unique set of risks to your organization. It’s no wonder that many third-party risk professionals have a tough time determining where to start, what to ask, and what to do with the results.

Prevalent is here to help. We’ve tapped into 17+ years of experience in third-party risk management to identify the most critical decisions you’ll need to make when establishing (or fixing) your TPRM program.

Navigate Key Third-Party Risk Management Decisions

Our new start-up guide, 10 Steps to Building a Successful Third-Party Risk Management Program, answers questions including:

  • Who should be involved in TPRM decisions?
  • How do you identify and catalog your third-party universe?
  • What logic should be used to categorize and prioritize vendors?
  • What is the best way to collect risk information from third parties?
  • What model should be used to identify and prioritize risks?
  • What controls are most critical to report against and how do you validate them?
  • Where do you find the best risk monitoring intelligence to gut-check assessment results?
  • What are the right key performance indicators and key risk indicators to track?
  • How should you evaluate your program?

Get Started Now

From inventorying third parties and selecting the right assessment approach, to determining which vendors are the riskiest and evaluating their performance, this best-practice guide covers everything you need to start your TPRM program – or get it back on track.

Download the guide now or schedule a one-on-one strategy session with one of Prevalent’s third-party risk management professionals today

Editor’s Note: This post was originally published on Prevalent.net. In October 2024, Mitratech acquired the AI-enabled third-party risk management, Prevalent. The content has since been updated to include information aligned with our product offerings, regulatory changes, and compliance.