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Third Party Risk Management - Consultancy, Assessment & Advisory

Third Party Risk Program Maturity

Providing expertise and support to ensure your TPRM program delivers the right results.

Helping you implement best practice from start to finish

Third-Party Risk Management (TPRM) has become a critical component of the best security and risk management programs. This is because adoption of the “cloud”, outsourcing, off the shelf or custom developed software, and mobile applications puts the security, availability, processing and control of sensitive company and customer data in the hands on Third-Parties. TPRM programs are therefore one of few means an organisation has to directly address risks that it does not directly control.

DVV Solutions’ Third-Party Risk Maturity Assessment (TPRMA) has been created to help offer clients the opportunity to understand the maturity of their TPRM program and identify specific actions for maturity improvement, best-practice and regulatory compliance. The assessment allows clients at any stage of development or implementation of TPRM to better understand the areas for improvement whether you are just starting the program or if you have been running a TPRM program for years.

How the Maturity Assessment Works

The TPRMA leverages the Shared Assessments Vendor Risk Management Maturity Model (VRMMM) to assist in identifying your organisation’s Third-Party risk maturity. The assessment is performed by one of our CTPRP-certified Risk Analysts and takes the form of a straightforward Q&A session, along with some deeper investigation and discussion into unique challenges and requirements of Third-Party risk management with the person or people responsible in your organisation. This data collection takes only 2 to 3 hours of total time.

Once collected, our Risk Analyst will review the data, identify areas for improvement, develop a specific action plan for improving maturity across the different Third-Party risk domains, and create an executive presentation to show how your program compares to other clients.
Once the data gathering and assessment has been completed, our Risk Analyst will meet with relevant company executives to discuss the findings, review the action plan, and benchmarks.

The TPRMA is a valuable exercise that has the potential of saving significant time and offering you a roadmap for your future efforts within your Third-Party risk management plan.

Key Benefits of the Third-Party Risk Program Maturity Process

  • Independent review of your TPRM program from a certified Information Security Assurance Consultant
  • Evaluation of your TPRM program against companies of similar size, nature or industry
  • Clear alignment with industry standards, best-practices and regulatory requirements
  • Detailed presentation of recommended developments and improvements to your TPRM program
  • Clear roadmap and support plan to help you achieve optimal state of your TPRM program

Why Third Party Risk Matters

Third-Party risk is now the highest risk factor for data loss according to a recent study by the Ponemon Institute*. The study shows that Third-Party error is now the highest factor for increases in the per capita cost of a data breach.

This means that an average data breach due to Third-Party error has an average additional cost of approximately $1,200,000 per breach or $43 per record per event.

*May 2013, Ponemon Institute Cost of a Data Breach Study

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Why choose us?

We are specialists in Third Party Risk Management with over 20 years of experience in Cyber Security and Governance, Risk & Compliance and a dedicated team of experienced IT Security Assurance Consultants.
We are a vendor agnostic, managed service provider that is able to focus on delivering a TPRM program built around your specific risk-based, organisational and regulatory requirements.
We are a Shared Assessments Program member and recognised Assessment Firm with certified IT Security Assurance Consultants able to deliver a comprehensive service based on industry standards and best practice.