2020 Cybersecurity and Privacy Predictions

TPRM Definitions and Acronyms

Here are some commonly used terms and acronyms in the context of GRC.

Third Party: A third party is a formal business or government entity, or even an individual that is not under direct administrative control of an organization.

 

Risk: As defined by ISO, Risk is the effect of uncertainty on objectives, and an effect is it positive or negative deviation from what is expected. Simply speaking, Risk is an impedance to achieving business objectives.

Example: Loss of Business Reputation.

 

Business Associates: Though this term is more commonly used in the healthcare sector, concept of business associates (BA) denotes a fully autonomous or semi-autonomous business entity that engages in business transactions with an organization. From a TPRM perspective, a BA is considered a third party.

 

Third Party Risk Management (TPRM): Management of risks emanating from a third party to an organization, or introduced to a third party by an organization. In a holistic view, third party risks can be bi-directional.

 

Assessment: Benchmarking and/or measurement of a person or entity as compared to applicable baseline standards and thresholds of risk tolerance.

About the Author:

Faisal Ansari is a senior executive, a keynote speaker, and most importantly, an experienced practitioner in the domains of Information Privacy, Enterprise Risk, Cybersecurity, and Compliance. Having served global clients across a wide spectrum of industries, Mr. Ansari has also contributed to authorship of several international standards and frameworks from ISO, ISACA, and NIST.

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Your Thoughts and Comments:

Author of this Trusted Insight would love to hear from you, and welcomes your feedback, comments, and suggestions to improve this article for the greater good of the business community. You can reach the author at [email protected].

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Introduction, TPRM

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Third Party Risk Management

“Manage Organizational Risk by Transforming raw data into Valued and Actionable Intelligence”

Overview

A truly holistic Third Party Risk Management (TPRM) program goes beyond the reactive response that is typically limited to third party contract reviews, and takes a proactive approach to ensuring risk is adequately understood, communicated, and managed within acceptable thresholds.

As business increase their dependence on third parties, and customers increasingly are concerned about their provider’s risk posture, it is now evident from breach data of the last few years that some of the largest breaches in history have been made possible by a weak third party link, causing financial losses and reputation damage to many organizations. This is driving the need for a holistic approach the encompasses more than just review of third party contracts.

Services Offered

Trustmarq offers TPRM services that cover the entire program lifecycle. Notable services are listed as follows:
  • Third Party Risk Management Program Advisory
  • 3rd. Party Risk Assessments
  • Customer Questionnaire Response
  • Managed TPRM Services

Contact us to hear more about our various success stories on this subject matter and how our team can help you meet your business objectives in securely conducting business with third parties.