Outsourcing business functions to third parties is essential in today’s business environment.
While outsourcing provides benefits such as increased efficiency and cost savings, it also increases an organization’s risk exposure to a myriad of threats presented by outsourcing. Understanding how to identify and manage the risks presented by third party providers is vital for any business. The Schneider Downs Risk Advisory Services team has the expertise, credentials and tools to help you build, implement, recalibrate, and manage a world-class third party risk management program.
Third party Risk Management (TPRM) is a process of identifying and managing the risks created when hiring a third party to provide goods and services.
Its’ primary focus is usually on data protection/privacy and IT security controls, but its scope depends entirely on the nature of the services provided by the third party. Therefore, it may include operational concerns such as business resiliency, financial integrity, and regulatory compliance.
The practice of outsourcing services to specialized organizations continues to grow exponentially. Shortages of qualified individuals continue to drive this trend, and statistics show that this shortage will continue throughout most industries for years to come. Outsourcing has proven to reduce and control cost more effectively, improve company focus, and gain access to world-class specialized resources.
Consideration of these factors adds up to one consistent sentiment: A strong TPRM program is essential to ensure strong business operations. For more information visit www.schneiderdowns.com/tprm or contact us to get started.
The Schneider Downs Risk Advisory Services team can help your organization with third party risk management with our robust service offerings
Built by our tenured team of security, risk and compliance practitioners. We have leveraged decades of diverse subject-matter expertise and experience to be able to provide the following resources and tools:
Schneider Downs is a registered assessment firm with the Shared Assessments Group, the clear leader in third-party risk management guidance. Our personnel are experienced in all facets of vendor risk management, and have the credentials necessary (CTPRP, CISA, CISSP, etc.) to achieve meaningful results to help your organization effectively achieve new vendor risk management heights. For more information or to get started contact us.
What’s the Difference Between SOC 1 and SOC 2 Reports?read more >
What Are The Top Ten Cybersecurity Strategy Mistakes of 2021?read more >
Ransomware Attack Shuts Down Major U.S. Pipeline Operatorread more >
The American Families Plan – Proposed $1.8 Trillion Spending and Tax Planread more >
Special Alert: Microsoft Releases Critical Update for Exchange Serverread more >
Top 5 Implementation Lessons Learned Under ASC 842read more >
Top Risks to Consider in 2021read more >
Building a Strong Phishing Defenseread more >
Pennsylvania PPP Loan Forgiveness and Deductibility of Expensesread more >
Warning Signs of a Business Email Compromise Attackread more >
One PPG Place, Suite 1700
Pittsburgh, PA 15222
p: 412.261.3644 f: 412.261.4876
65 East State Street, Suite 2000
Columbus, OH 43215
p: 614.621.4060 f: 614.621.4062
1660 International Drive
McLean, VA 22102