Third Party Risk Management (TPRM)

This package is designed for businesses needing a clear, structured way to manage third party risk with the support of expert guidance.

Objective:

To provide businesses with a comprehensive framework and actionable insights for identifying, assessing, and mitigating risks associated with their third party suppliers. This service ensures businesses comply with regulatory standards, protect themselves from supplier risks, and maintain operational resilience.

Target Audience:

  • Midsized to large enterprises with a reliance on third party suppliers.
  • Companies in regulated industries (telecommunications, construction, finance, etc.).
  • Organisations undergoing business transformations that involve new supplier onboarding or critical partnerships.

Value Proposition:

  • Compliance and Risk Mitigation: Ensure your business meets industry regulations and is protected from supplier related risks.
  • Cost Reduction: Minimise financial and operational disruptions caused by unaddressed supplier risks.
  • Operational Resilience: Implement structured, ongoing monitoring to anticipate and prevent supplier failures.

Service Breakdown:

Week 1: C
Week 2: C
Week 3: C
Week 4: C

Week One: Discovery & Risk Assessment Framework

  • Initial consultation (1 day): Meet with stakeholders to understand the organisation’s supplier landscape, critical third parties, and existing risk management practices.
  • Risk Identification (2 days): Assess the organisation’s existing supplier risks (financial, operational, cybersecurity, legal/compliance, reputational).
  • TPRM framework development (2 days): Develop a tailored risk assessment framework that aligns with industry standards and regulatory requirements (e.g. CDM 2015, GDPR, financial regulations).

Deliverables:

  • Summary of current risk exposure.
  • Customised Third Party Risk Assessment Framework (TPRM).

Week Two: Supplier Risk Profiling & Categorisation

  • Risk Profiling (2 days): Profile key suppliers based on risk factors; criticality to operations, potential impact, geographic location, and compliance requirements.
  • Categorisation (2 days): Organise suppliers into risk tiers (high, medium, low) based on their risk profile.
  • Workshop (1 day): A session to educate internal teams on managing high risk suppliers and the process for ongoing risk monitoring.

Deliverables:

  • Supplier Risk Profile Report.
  • Categorised supplier list with assigned risk levels.

Week Three: Risk Mitigation & Controls Implementation

  • Risk Control Recommendations (3 days): Provide actionable recommendations for mitigating identified risks, including contractual adjustments, SLAs, performance monitoring, and compliance checks.
  • Policy and Procedure Draft (1 day): Develop or revise third party risk management policies and procedures, ensuring alignment with business goals and regulatory standards.
  • Training Session (1 day): Conduct training for procurement, legal, and operational teams on TPRM best practices and control implementation.

Deliverables:

  • Risk mitigation action plan.
  • Updated TPRM policy and procedure documents.
  • Training materials.

Week Four: Monitoring & Continuous Improvement

Monitoring Process Design (3 days): Design ongoing monitoring processes for supplier performance and risk, including key performance indicators (KPIs), periodic risk assessments, and technology solutions for tracking.

Final Workshop (1 day): Conduct a wrap-up session to review implemented risk management processes and introduce tools or methods for continuous improvement.

Final Reporting & Next Steps (1 day): Deliver a final report summarising the risk management process, supplier risk ratings, and recommendations for ongoing risk governance.

Deliverables:

  • Continuous Monitoring Plan.
  • Final TPRM report with recommendations for periodic reviews.

Our Services:

Strategic Supplier Management:

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