Third-Party Risk Management Program Development

Design and implement a comprehensive third-party risk management program to assess, monitor, and mitigate risks associated with vendors, suppliers, and service providers.

• •Development of third-party risk assessment methodology and tiering approach
• •Creation of security and privacy questionnaires aligned with industry frameworks
• •Implementation of third-party risk management platform
• •Establishment of due diligence and continuous monitoring processes
• •Development of contract security and privacy requirements
• •Creation of third-party incident response procedures
• •Integration with procurement and vendor management processes

• •Assessed and categorized 200+ third parties based on risk profile
• •Conducted detailed security assessments for 50+ high-risk vendors
• •Identified and remediated critical security gaps in 15 strategic vendor relationships
• •Implemented continuous monitoring for all critical third parties
• •Reduced average assessment time from 6 weeks to 2 weeks through standardized methodology
• •Established clear security and privacy requirements for all new vendor contracts
• •Successfully integrated third-party risk data into enterprise risk reporting

• •Early stakeholder engagement is critical for successful GRC initiatives to ensure buy-in and alignment with business objectives.
• •A risk-based approach allows for more efficient resource allocation and prioritization of activities.
• •Regular communication of progress and value helps maintain executive support and program momentum.
• •Integration with existing business processes is essential for sustainable GRC programs.
• •Measuring and demonstrating value through metrics and KPIs is crucial for long-term program success.