Third-Party Risk Management
Organizations are more reliant than ever on third parties – partners, sub-contractors, resellers, consultants, and suppliers – to support delivery of their products and services. Third party relationships help organizations drive down costs, increase productivity, supplement capabilities and expertise, and gain competitive advantage.
While third parties can be critical to the growth of an organization, they also introduce risk, to include:
- Operational Risk
- Reputational Risk
- Compliance and Regulatory Risk
- Financial Risk
A third party’s issue can quickly become your organization’s issue with disruptive and costly consequences. Effective Third-Party Risk Management (“TPRM”) is critical to managing third party relationships and identifying and managing risk exposure.
LerroSarbey provides TPRM services to include:
- Assessment of an established TPRM program to validate alignment with industry best practice and identify areas for improvement
- Establishing a new TPRM program or recasting an existing program
LerroSarbey takes a full lifecycle approach to TPRM that includes a comprehensive system of processes for:
- Inventorying existing third parties and identifying those underpinning critical business services to enable appropriate alignment of TPRM resources
- Vetting third parties during procurement to ensure risks are identified, understood, and within the range of the organization’s risk tolerance
- Developing a more comprehensive understanding of the potential risks that a third party may pose during onboarding and determining how to best manage those risks
- Ongoing monitoring of third parties relative to performance and changes that could impact the risks posed by the relationship
- Formalized reevaluation of risks and suitability of third parties before renewal of contracts
- Third party termination and off-boarding to help protect against loss
- Identification and evaluation of fourth parties
An effective well-designed TPRM program can help your organization:
- Protect against financial impacts, operational disruptions, legal liability, and reputational damage
- Drive business decisions, appropriate training and controls with third party insights and data
- Reduce the complexity and costs associated with managing third party relationships
- Comply with regulatory standards and guidelines
- Demonstrate third party governance to your Board, your customers, and regulators
- Third party termination and off-boarding to help protect against loss
- Identification and evaluation of fourth parties
The LerroSarbey team of professionals bring knowledge and flexibility, skill and responsiveness to your business continuity challenges. We combine years of business and technical experience and use advanced techniques and approaches to provide services tailored to meet your organization’s unique profile – by getting to know our clients and their business we provide insightful solutions aligned with business value to drive your success.
Our Services
We provide a full spectrum of services for individuals, businesses, organizations, and municipalities.
Get Started
Learn how LerroSarbey can work for you and your business. Schedule a consultation to get started.