Success with Third-Party Risk Management (TPRM)
Managing Third-Party Risk doesn't have to be complicated.
Every day companies have to work with others to make magic happen. For some, working with others can mean processing financial transactions, saving lives, entertaining, manufacturing goods, and so many other great things that companies can do. Working with others to make this magic happen can put companies at risk through their exposure through partnerships, tools, data, systems, people, networks, and many other parts of the business.
IT and businesses have to make sure that they are creating, implementing, and managing their risk on all levels and sometimes they need some help in the creation of a system, adding to what they are already doing, and ensuring that they are covering all of their bases with a trusted advisor and/or tools. Many companies look to robust third-party risk management (TPRM) systems to ensure compliance and mitigate potential threats. However, they become concerned about the costs and complexity of implementing such a system.
Bird Rock Systems has helped customers in this same journey through services and through cost-effective TPRM solutions. Bird Rock Systems offers an interactive approach that guides you and your teams through each step of the implementation and management processes while providing expert advice based on real-world knowledge and best practices.
How does it work? Here is one example:
- Initial Assessment:
- Bird Rock Systems assesses your company's current third-party relationships and risk exposure.
- Bird Rock Systems identifies key areas of concern and prioritizes them based on potential impact.
- Customized Plan:
- Together we develop a tailored TPRM plan that aligns with your company's specific needs and budget. This included a step-by-step roadmap for implementation, ensuring clarity and direction.
- Interactive Guidance:
- Bird Rock Systems provides an interactive platform where Bird Rock Systems and your team can track progress and receive real-time updates.
- Detailed instructions or guidance can be provided for each task, making the process manageable and straightforward for your team and end users.
- Expert Advice:
- Bird Rock System's team of experts provides ongoing advice and support, drawing from their extensive experience in the field. This expert advise can be available during the life of a project or through ongoing support depending on what you and your team need.
- Bird Rock Systems will help advise on any challenges or questions you and your team encounter along the way to help ensure a smooth implementation.
- Training and Education:
- Once completed, we help train your team to ensure they understand the new TPRM processes and system.
- Leveraging the new system, your team and you will have third-party risks managed effectively moving forward with a system that can grow with you.
- Resulting Benefits
- Enhanced Security: Significantly reduced its third-party risk exposure, safeguarding sensitive data, and maintaining compliance with industry regulations.
- Cost Savings: Through team time saved and compared to alternative solutions, your team can save time and cost while still maintaining compliance.
- Improved Efficiency: Leveraging a clear and step-by-step process with a streamlined implementation, you'll save time and resources.
- Empowered Team: Through training and experience gained, your team will have valuable knowledge and skills, enabling them to manage third-party risks proactively.