Third Party Risk Management

At Clark Schaefer Consulting, we specialize in assessing and mitigating risks associated with third-party relationships. Our third-party risk management solutions empower you to navigate the complex landscape of vendor relationships with confidence and peace of mind.  

Third-party risk management (TPRM) is a high priority for regulators and organizations, due to the risks posed by the hundreds of third parties that most organizations work with. Assessing the risks of these partnerships is one of the many components of a successful third-party risk management program. The Clark Schaefer Consulting team has deep expertise in assessing third-party risk.

We can help with the following: 

• Program Development: To effectively manage technology risks related to third parties, organizations need to have a comprehensive program in place that spans all departments with third-party risk management responsibilities. Having a complete inventory of all the organization’s third parties; segmenting them into tiers based on criticality for due diligence and ongoing monitoring; determining the type of assessment based on the established tiers; identifying mechanisms for collecting data from third parties; and establishing control assessment, remediation, and reporting processes are all things that need to be identified and implemented as part of a comprehensive program. Our team can help with program development, refinement, and/or implementation regardless of the current maturity level of the program. 

• Third Party Assessments: Due to the ways in which organizations share sensitive data with third parties for processing, storage, or the services they need, the number of high-risk third parties can be tremendous. Therefore, assessment requirements may become overwhelming for the team responsible for performing them. Our team has IT/Security consultants who are trained in performing third-party control assessments using a variety of assessment methods and can act as an extension of your team. We can do as little or as much as needed to either lessen the backlog of assessments or provide additional expertise. 

• On-Site Assessments: For some organizations, onsite assessments of high-risk third parties are a necessary part of their program. Many assessment teams lack the resources to shift focus from their remote assessment work to spend time traveling to third-party sites. Clark Schaefer Consulting can deliver a cost effective, structured approach for onsite assessments to evaluate the risk and control environment of high risk third parties. We can take on the burden of coordinating onsite assessments and traveling to third-party locations so the organization’s team can focus on executing remote assessments and maintaining the TPRM program. 

Cybersecurity

Protect What Matters Most with Clark Schaefer Consulting