Improve your risk posture with our Third-Party Risk Management (TPRM) services.
Most organizations today outsource certain services to third parties to enhance their business processes. Studies show that the global IT outsourcing market will be worth $397.6 billion by 2025. Companies gain a lot of value from leveraging outside expertise and services, whether it is reducing costs, or overcoming resource constraints.
But while the value is undeniable, so are the risks.
With the number of third-party related breaches on the rise, organizations are turning their attention to implementing effective Third-Party Risk Management (TPRM) programs, but many do not know where to begin.
Effective TPRM must be far more than a “check the box” compliance exercise. It requires a proactive and comprehensive approach to ensure that third-party risks are adequately managed.
At Echelon, we partner with you to understand your unique third-party ecosystem and risk appetite to customize the right approach and reduce the complexity caused by outsourcing services.
Echelon offers a comprehensive set of TPRM solutions to help you improve risk posture and achieve regulatory compliance through a value-added partnership.
Examples of how we can help include:
We partner with you to perform a comprehensive assessment to help take stock of your current TPRM program across several foundational areas. From there, we provide a holistic view of your program, identify risks, establish a target-state, and provide actionable recommendations to improve your unique environment.
Scoping vendor assessments is a significant challenge for many companies. Those that fail to do this properly cause delays and strain to the outsourcer/vendor relationship. It is important to engage as quickly and seamlessly as possible with a new vendor, or with a new scope of work for an existing vendor, so you need to ask the right questions and review the appropriate documentation to ensure proper due diligence. We can work with you to define your risk tolerance and establish the questions and criteria needed for a proper vendor assessment that is pertinent to the scope of work.
After completing our TPRM Maturity Assessment, we focus on remediation activities for your organization’s unique third-party environment to help you achieve a higher state of TPRM maturity.
Here are some common remediation activities that we help our clients achieve:
TPRM is not a “one size fits all” exercise, so we partner with you to customize a strategy that is right for your organization. Whether you are just starting out on your journey or have an established program, we collaborate to meet you where you are.
Areas where we focus include:
We understand the time and investment required to manage a TPRM program. TPRM as a Service allows us to perform the heavy lifting for your TPRM program and arm you with the data necessary to make the best risk-based decisions for your organization.
Our offering includes:
Given the number of third parties that organizations use and the complexity they bring, it is very difficult to effectively manage a TPRM program without the use of a technology platform. We partner with you to implement and end-to-end platform that supports your unique TPRM program through the following:
Organizations can get so overloaded with vendor-related data that they are unable to process what is important to them, ultimately suffering from “analysis paralysis.” We partner with our clients to operate a vendor intelligence center (VIC) that gathers and interprets vendor-related data from your existing monitoring tools or from our trusted sources.
Our team will interpret and act on the data - based on established risk tolerances - and will brief your stakeholders so they have a better understanding of its importance to your organization so you can respond in kind. We can also provide stakeholders with useful and timely reports that track and monitor the vendor risks over time to provide stakeholders with credible analysis to continue or augment the vendor relationship based on risk.