Third Party Risk Management - Consultancy, Assessment & Advisory

Third Party Risk Management for Legal Firms

A new, standardised approach to Third Party Risk Management for the Legal sector

Reducing Risk in the Legal Cyber Supply Chain

The demand to secure customer personal information and client data is being driven both by clients and regulators. Financial services firms often need to share sensitive client data, firm data, and non-public
market moving data (that is, data related to a merger, acquisition or initial public offering) with legal institutions as part of the work being conducted by outside counsel.

With this increasing liability and risk, DVV Solutions recognises the need for a new, smarter way to protect law firms and their clients from Third-Party risk – the risks associated with outsourcing operations, processes and IT / technology with outside service providers, contractors and partners.

Third Party Risk Management as-a-service

That’s why we’ve developed SupplierAssess – a fully managed service offering to help effectively maintain compliance with the SRA Code of Conduct for Firms and Cybersecurity Guidance , and reduce your expense of Third-Party risk assessment.

To ensure we maintain best practice and alignment with emerging industry standards the  methodologies of SupplierAssess are built upon Shared Assessments Program including the widely adopted Standardised Information Gathering (SIG) due diligence questionnaire and Standardised Control Assessment (SCA) for onsite verification.

Cross-industry Regulatory Oversight

SupplierAssess also enables you to ensure your TPRM program meet existing and emerging regulations such as:

  • UK Data Protection Act & EU GDPR,
  • PCI Security Standards Council’s PCI DSS, 
  • EU NIS Directive, 
  • EU Digital Operational Resilience Act (DORA),
  • ESMA Guidelines on Outsourcing to Cloud Service Providers,
  • Bank of England / PRA Operational Resilience, Outsourcing and Third Party Risk Management, and
  • EBA Guidelines on Outsourcing Arrangements

Demonstrable Value Delivered To Your Desk

  • Better understanding of the risks of potential breaches and data loss from your suppliers
  • Reduced time and cost associated with existing manual process and infrastructure
  • Standardised processes and metrics for greater efficiency
  • Improved time-to-complete and response rates for supplier questionnaires
  • Increased flex and scale to assess your entire supply chain
  • Detailed risk analysis, advisory and remediation tracking
  • Clear reporting on improvements, risk reduction and return on investment

Taking The Pain Out Of Supplier Due Diligence

With over 20 years’ experience in IT Security, Risk and Assurance DVV Solutions has the technology, process, and people necessary to deliver the highest standard of Third-Party risk assessments.

SupplierAssess third-party risk managed service provides robust on-site and remote supplier risk assessments and due diligence, as well as real-time supplier threat intelligence that can supplement or substitute your existing third-party risk assessment efforts.

SupplierAssess will help you truly understand your Third-Party supplier risk, remediate inefficient controls and better protect your data, your organisation and your clients.

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