Third Party Risk Management
Key steps in effective
Third Party Risk Management
for organisations

Nueva offers Third Party Risk Management as a Service to help organisations assess and manage the risks associated with their third-party relationships. This service provides a comprehensive approach to identifying, assessing, and mitigating risks arising from third-party relationships. By partnering with Nueva, organisations can ensure that their third-party relationships are secure and compliant, reducing the risk of data breaches and other cybersecurity incidents. Contact Nueva today to learn more about Third Party Risk Management as a Service and how we can help your organisation manage third-party risks effectively.

Mission

Our mission at Nueva Solutions is to create a safer digital environment by providing innovative and
customised cybersecurity solutions to our clients. We are committed to staying ahead of the
constantly evolving cybersecurity threats and challenges to ensure our clients; information and
assets are protected. With a strong focus on customer centricity, teamwork, and ethics, we strive to
build trust with our clients and establish long-lasting relationships. Our goal is to simplify cyber
security and deliver exceptional service and support to create a safer digital world for everyone.

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Frequently Asked Questions.

Third Party Risk Management (TPRM) is a cybersecurity service that helps organisations manage the risks associated with third-party vendors, suppliers, and partners. It involves identifying and assessing risks, conducting due diligence, and continuously monitoring vendors to ensure they comply with security standards.

TPRM is important because third-party vendors can pose significant risks to an organisation’s cybersecurity. If a vendor’s security is compromised, it can cause severe damage to the organisation, including financial losses, reputational damage, and legal liabilities.

The three main steps in TPRM are Risk Assessment, Due Diligence, and Ongoing Monitoring. Risk Assessment involves identifying and assessing risks associated with third-party vendors, Due Diligence involves investigating the vendor’s background and track record, and Ongoing Monitoring involves continuously monitoring the vendor’s performance and compliance.

To conduct Due Diligence on third-party vendors, you need to gather information about their business operations, financial stability, security practices, and legal compliance. This can be done through questionnaires, site visits, audits, and reviews of legal documentation.

The benefits of TPRM include better risk management, increased cybersecurity, improved compliance, enhanced vendor relationships, and reduced financial losses.

The common challenges of TPRM implementation include lack of resources, difficulty in identifying all third-party vendors, varying security standards across vendors, and resistance from vendors to share information.

Ongoing Monitoring should be conducted regularly, at least annually, or more frequently for high-risk vendors. This ensures that any changes in the vendor’s security practices or compliance status are detected and addressed promptly.

To ensure effective TPRM, you need to establish clear policies and procedures, allocate resources, involve all stakeholders, conduct regular risk assessments and due diligence, and continuously monitor vendors. You should also maintain open communication with vendors and stay up-to-date with the latest security threats and compliance requirements.

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