GlobalSuite® TPRM

Understanding Third-Party Risks

What is a third party (Third – Party)?

In the business context, a third party is any external entity with which an organization maintains a business relationship, including suppliers, manufacturers, service providers, business partners, distributors, resellers, agents, and vendors. These relationships are vital for the operation and success of companies, which is why Third-Party Risk Management (TPRM) has become an essential component of cybersecurity programs.

What is third-party risk management (TPRM)?

Third-Party Risk Management (TPRM) is a crucial process focused on identifying and mitigating the risks associated with outsourcing services to external entities. This process is critical for several reasons:

• Reduced control and visibility: Organizations often lack direct control or full visibility over the security practices of their third parties.

• Increase in attack vectors: Each supplier can act as a channel for security breaches or a cyberattack, increasing the attack surface and, consequently, the risk.

• Data protection regulations: Regulations such as GDPR, DORA, ESG, and others require strict TPRM controls, with significant financial consequences if third-party risks are not properly managed.

How GlobalSuite® improves TPRM Management

With GlobalSuite® Third-Party Risk Management, you can optimize third-party risk management, improving security, regulatory compliance, and operational resilience. A TPRM system provides a framework to systematically manage these risks, which is essential for:

• Protecting critical assets: Ensures that sensitive information and corporate assets are adequately protected.

• Maintaining regulatory compliance: Helps comply with applicable regulations, avoiding fines and penalties.

• Preserving corporate reputation: Avoids reputational damage that may arise from the actions or non-compliance of third parties.

• Fostering operational resilience: Enables your organization to anticipate and effectively respond to issues that may arise with third parties, minimizing disruptions.

Key Features

Unified third-party inventory

• Third-party approval and categorization: Classify suppliers based on the operations they perform in the organization, analyzing their initial risk level and the criticality of the elements and information they handle.

  • Custom configuration: Customize the methodology you use to evaluate your suppliers and what information is displayed in each section of the solution.

• Automatic information collection: Automate the collection of first-hand data and bulk import from various sources through different types of automated surveys.

• Synchronization with other applications: Connect your suppliers from any other application to save time and reduce errors.

  • Automated connections via API: Automatically update supplier assessments, update the operations managed by each supplier, and link with tools from other departments (Purchasing, IT, etc.) to have information available and updated at all times.
    

    

  • The Supplier Import allows semi-automatic loading and updating of suppliers via Excel. Additionally, you can perform bulk additions or updates and decide what to do with existing supplier information.

• Mass creation of related elements: Create elements associated with multiple suppliers in bulk, ensuring that the elements associated with the selected suppliers are available in the Inventory. This simplifies and streamlines the process of creating related elements, improving efficiency and supplier management.

Risk Identification and Mitigation:

• Periodic assessments: Conduct continuous risk assessments associated with each third party and apply controls to mitigate them.

• Evidence review: Review specific questionnaires to request the necessary evidence to verify the minimum requirements that the supplier must meet.

• Flexible calculation methodology: Adapt the risk calculation methodology according to your specific needs.

• Action plans: Implement customized action plans for risk mitigation and management, integrating efficient workflows.

Compliance

GlobalSuite® has a specialized module to evaluate the regulations required for each supplier, a fundamental part of the compliance process. This module offers a comprehensive solution to manage and ensure regulatory compliance, facilitating the evaluation, monitoring, and continuous improvement of suppliers.

Incident Management.

In GlobalSuite®, incident management with third parties is optimized by linking each incident to the corresponding supplier, facilitating a quick and effective response.

The platform allows managing incidents and their risks through customizable workflows, tailored to the specific needs of each organization. Additionally, incidents are fully configurable with different types of fields, enabling detailed and precise management of each situation. In this way, GlobalSuite® ensures optimal tracking and resolution of incidents, improving collaboration and minimizing risks associated with third parties.

Specific TPRM Dashboard

View the status of risks, surveys, and tickets related to third parties on a single panel. This dashboard facilitates analysis and strategic decision-making. You can consult it at: TPRM Dashboard – GlobalSuite®

Benefits of Using GlobalSuite TPRM

The use of GlobalSuite® TPRM offers numerous benefits for third-party risk management, including:

• Automation of critical processes: Significantly reduces the time and resources dedicated to third-party evaluation and monitoring, enabling more effective management and reducing human error.

• Improved internal coordination: By unifying and centralizing information and processes, it facilitates collaboration between different departments and teams within the organization.

• Comprehensive risk analysis: Provides advanced tools for risk identification and mitigation, offering a clear and detailed view of each third party's risk posture.

• Centralized evidence: You will have a common repository to evidence the
  compliance of your third parties in applicable matters.

• Regulatory compliance: Helps organizations comply with current regulations and standards, avoiding penalties and protecting corporate reputation.

• Cost savings: The automation and optimization of TPRM processes result in significant ROI and a reduction in long-term operational costs.

• Strategic vision through the TPRM dashboard: Thanks to the specific module dashboard, you can view risks, surveys, and tickets related to third parties in a consolidated manner. This allows for more informed and proactive decision-making.