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:
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