Third-Party Risk Advisory
Many organizations find themselves in need of expert guidance to establish effective third-party oversight programs, often unsure of where to begin due to a lack of internal expertise.
We provide targeted advisory services to help your organization navigate the complexities of third-party risk management throughout the entire third-party risk management lifecycle. Our third-party management optimization approach ensures effective and sustainable third-party oversight across three key domains:
Third-Party Risk Management Cycle
1. Due Diligence & Risk Assessment
This phase focuses on evaluating the necessity and potential risks of engaging with a third party. It involves identifying the business need, assessing inherent risks, initiating a formal risk assessment, addressing identified issues, and ultimately approving the third-party risk profile to ensure alignment with organizational risk appetite.
2. Contracting & Onboarding
Once a third party is approved, this phase ensures a structured engagement through clear contractual agreements and risk-based controls. It includes obtaining approval for engagement, negotiating contract terms, reviewing and finalizing the third-party risk profile, executing the contract, and completing the onboarding process to establish compliance and operational expectations.
3. Ongoing Monitoring & Management
Continuous oversight is critical to maintaining a secure and compliant third-party relationship. This phase includes monitoring performance, governing contractual obligations, reviewing third-party assurance (TPA) reports and certifications, overseeing risks, managing incidents, reassessing vendor risk levels, and handling contract renewals or offboarding when necessary.