MANAGING THIRD-PARTY RISK CAN BE TOUGH GOING. FIND YOUR WAY WITH THIS GUIDE.

In this e-book, we’ll guide you on the journey to effective third-party risk management.

MANAGING THIRD-PARTY RISK CAN BE TOUGH GOING. FIND YOUR WAY WITH THIS GUIDE.

The 7 Step Guide to Third-Party Risk Management

There is a lot involved in taking a serious hike. The same is true with managing third-party risk. This e-book is designed to be your guide on the journey to effective third-party risk management.

Planning

Preparation is key to managing third parties successfully.

Due Diligence/
Selection

Properly evaluate third parties for best fit and acceptable risk.

Contract
Negotiation

Negotiate the contract right, and you’re set up for success.

Business
Integration

Integrate third parties into your business for a more practical union.

Ongoing
Monitoring/
Analysis

Monitoring and analyzing third parties help ensure the partnership remains strong.

Business
Continuity/
Termination

Challenges are inevitable. The key is to always have a plan.

Toolsets

Technology delivers efficiency, but the challenge is selecting the right tool.

Seal

The 7 Step Guide to Third-Party Risk Management

There is a lot involved in taking a serious hike. The same is true with managing third-party risk. This e-book is designed to be your guide on the journey to effective third-party risk management.

Planning

Preparation is key to managing third parties successfully.

Due Diligence/
Selection

Properly evaluate third parties for best fit and acceptable risk.

Contract
Negotiation

Negotiate the contract right, and you’re set up for success.

Business
Integration

Integrate third parties into your business for a more practical union.

Ongoing
Monitoring/
Analysis

Monitoring and analyzing third parties help ensure the partnership remains strong.

Business
Continuity/
Termination

Challenges are inevitable. The key is to always have a plan.

Toolsets

Technology delivers efficiency, but the challenge is selecting the right tool.

Planning

Preparation is key to managing third parties successfully.

What is GRC?

The planning phase starts with primary activities needed to serve customers.

The organization’s value-producing activities should determine the third-party need. Is a given activity better produced internally or more suitable for outsourcing to a third party? If outsourced is determined, what are the requirements for conducting the activity? Defining requirements is a key planning step.

Plan to succeed.

What is GRC?

The organization’s value-producing activities should determine the third-party need. Is a given activity better produced internally or more suitable for outsourcing to a third party? If outsourced is determined, what are the requirements for conducting the activity? Defining requirements is a key planning step.

Plan to succeed.

Due Diligence/ Selection

Properly evaluate third parties for best fit and acceptable risk.

What is GRC?

Evaluate third parties’ ability to perform duties while managing your risk.

Everything you do will help answer, “How can we ensure we retain the best fit third party and remain at an acceptable level of risk?” Only your business can determine how much risk to accept. Take precautions and don’t get too enamored with what’s said or promised.

Do your due diligence.

GRC Maturity

Everything you do will help answer, “How can we ensure we retain the best fit third party and remain at an acceptable level of risk?” Only your business can determine how much risk to accept. Take precautions and don’t get too enamored with what’s said or promised.

Do your due diligence.

Contract Negotiation

Negotiate the contract right, and you’re set up for success.

Questions

The contract is the centerpiece of the third-party relationship.

Contracts document the three R’s: requirements, responsibilities, and ramifications for both the company and third party. Negotiate the contract right, and you’re set up for success or a smooth landing if the relationship fails. Get it wrong, and a myriad of risks may become incidents.

Ensure success.

Questions

Contracts document the three R’s: requirements, responsibilities, and ramifications for both the company and third party. Negotiate the contract right, and you’re set up for success or a soft landing if the relationship fails. Get it wrong, and a myriad of risks may become incidents.

Ensure success.

Business Integration

Integrate third parties with your business for a more practical union. 

Myths

Third parties are an extension of your company.

The true test of a third-party relationship is in how well the vendor integrates with your business. The services they provide are critical in enabling your company to serve customers and reach its goals. In this regard, context and communications are centrally important.

Show the way.

Myths

The true test of a third-party relationship is in how well the vendor integrates with your business. The services they provide are critical in enabling your company to serve customers and reach its goals. In this regard, context and communications are centrally important.

Show the way.

Ongoing Monitoring/Analysis

Monitoring and analyzing vendors help ensure the partnership remains strong.

Justification

Ensure the third party is a good fit during the entire life of the contract.

Ongoing monitoring and analysis are critical in today’s digital world where change is constant. Watching over third parties in this manner allows you to be vigilant to third-party violations in agreements, trends that can hurt goals, and risks or threats that could impact your organization. Through ongoing monitoring and analysis, you can proactively address poor performance and quickly resolve issues.

Trust but verify.

Justification

Ongoing monitoring and analysis are critical in today’s digital world where change is constant. Watching over third parties in this manner allows you to be vigilant to third-party violations in agreements, trends that can hurt goals, and risks or threats that could impact your organization. Through ongoing monitoring and analysis, you can proactively address poor performance and quickly resolve issues.

Trust but verify.

Business Continuity/Termination

Challenges are inevitable. Here, the key is to always have a plan.

GRC Success

Third parties are critical to business continuity.

Business continuity is the ability to maintain business operations during a disruption while safeguarding people, assets, and overall brand equity. As an extension of your company, essential third parties should be part of the business continuity planning process. If a third party can’t or won’t perform their duties, separation may be necessary.

Business as usual.

GRC Success

Business continuity is the ability to maintain business operations during a disruption while safeguarding people, assets, and overall brand equity. As an extension of your company, essential third parties should be part of the business continuity planning process. If a third party can’t or won’t perform their duties, separation may be necessary.

Business as usual.

Toolsets

Technology delivers efficiency, but the challenge is selecting the right tool.

GRC Success

Technology’s promise is only possible if it fits your processes and is set up for your team.

Technology holds the promise of streamlining and automating processes. You can accomplish more, scale with demand and reduce human errors—all because a technology solution delivered efficiency to your program. For that, you need the right tool for your processes and tasks.

Time to upgrade.

GRC Success

Technology holds the promise of streamlining and automating processes. You can accomplish more, scale with demand and reduce human errors—all because a technology solution delivered efficiency to your program. For that, you need the right tool for your processes and tasks.

Time to upgrade.

Register to receive The 7 Step Guide to Third-Party Risk Management

Gear up for Third-Party Risk Management.

GRC Buyers Guide Cover



GRC Buyers Guide Cover



© 2018 Lockpath, Inc. All rights reserved. Privacy Policy