Third Party Risk Management (TPRM)
Protect your business with Toro's Third Party Risk Management
Today, businesses depend on external partners, vendors, and service providers. However, these third-party relationships can introduce vulnerabilities that put your company at risk.
Toro’s Third Party Risk Management solution helps your proactively identify, assess, and manage external risks, protecting your business from data breaches, compliance issues, and operational disruptions.
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What is Third Party Risk Management
Every time you engage with a third party, you expose your organisation to risk. Vendors, partners, and service providers often have access to your sensitive data, systems, or customers, which can introduce risks to your security, privacy, and compliance standing. Proper Third Party Risk Management ensures you have full visibility over these risks and a cyclic strategy in place to mitigate them.
Toro helps you categorise your suppliers and determines the level of control required based on the criticality of that supplier and their access to sensitive data. By taking a structured, proactive approach, your business stays protected against potential threats and vulnerabilities.
Third Party Risk Management goes beyond just cyber security; it encompasses financial, legal, organisational, and information security risks. Organisations must consider the full spectrum of potential vulnerabilities to ensure holistic protection against both internal and external threats.
Why choose Toro?
Trusted by Government and Enterprise
We’ve conducted Third Party Risk assessments for hundreds of organisations supplying critical services to UK Government departments and major enterprises. Toro understands the complexity and scale of vendor risk across regulated sectors.
Real-world risk insight
As incident responders, we bring a practical understanding of how vendor security controls hold up under real-world attack conditions giving you more than a checkbox assessment. We help you uncover the risks that matter.
Industry standard risk assessments
Toro helps you assess and monitor third-party vendors against industry standard frameworks like ISO 27001, NIST or CAIQ, for example.
Tailored to your industry and risk profile
We design each Third Party Risk Management programme around your sector, compliance requirements, and operational context from healthcare to finance to government.
End-to-end risk reduction
Toro doesn't stop at identifying third-party risks. We help you close gaps, track remediation, and improve vendor maturity over time. Our end-to-end support ensures your vendor ecosystem becomes a source of resilience, not exposure.
Managed Security & Consultancy
People focussed
At Toro, people are at the core of everything we do – our team, our clients, and the partners we collaborate with.
We prioritise building trusted relationships, delivering consistently high standards, and providing tailored support that reflects the unique needs of every client.
Free consultation
What you’ll get from Toro’s Third-Party Risk Management services
Tailored, industry-specific frameworks
Use built-in support for a wide range of industry standard frameworks like ISO 27001, NIST CSF, CAIQ to align assessments with your compliance obligations and business realities. We can also assess against GDPR, PCI DSS, CIS (Center for Internet Security Controls Assessment) plus many more business and enterprise surveys.
Automation & efficiency
Ditch spreadsheets and emails - Toro automates the entire risk management lifecycle making your process more reliable and scalable.
Evidence-based assessments
Go beyond surface-level certifications with deep-dive sampling that reveals how well a vendor’s controls actually perform.
Proactive risk reduction
Identify immature or missing controls early, address gaps quickly, and reduce your overall exposure before it becomes a liability.
Managed Security & Consultancy
Why Third Party Risk Management is critical
Third-party risks are not static they shift constantly as your partners evolve and as global threats intensify. Every vendor you work with increases your exposure to potential vulnerabilities, whether due to changes in operations, supply chains, compliance status, or cyber hygiene.
Toro helps you take control by offering real-time visibility into your third-party risk profile. This allows you to:
- Stay ahead of emerging threats by continuously monitoring vendors’ risk levels.
- Reduce blind spots in your supply chain by tracking risk at both individual and portfolio levels.
- React instantly to changes in your vendors’ risk posture before they impact your business.
Toro also integrates cyber threat monitoring and dark web surveillance to detect real-time risks like data breaches or cyber-attacks involving your vendors so you can respond swiftly and effectively.
Third Party Risk Management FAQs
Third Party Risk Management (TPRM) is the process of identifying, assessing, and mitigating risks posed by vendors, partners, or service providers that have access to your systems, data, or customers. TPRM helps protect your business from potential data breaches, operational disruptions, and compliance violations.
It’s important to assess third-party risks during the onboarding process and regularly thereafter, typically annually. However, if there are significant changes in your vendor’s operations or the global risk environment, you may need to conduct more frequent assessments. Toro’s platform makes it easy to continuously monitor risks in real time.
Toro’s Third Party Risk Management platform provides a streamlined and efficient way to assess, monitor, and manage third-party risks. Benefits include real-time risk monitoring, flexible frameworks, automated processes, evidence-based assessments, and ongoing support for your third-party vendors.
Toro offers additional support for third-party vendors that may need to enhance their security or compliance frameworks. Our experts work with vendors to strengthen their security posture, update compliance measures, and ensure they meet the necessary standards, reducing your overall risk.
A key component of Third Party Risk Management is recognising the difference between inherent risk and residual risk:
- Inherent risk refers to the risks that come from the nature of the service or data being shared with a third party. For example, if a vendor operates in a high-risk location or handles sensitive information, it introduces inherent risk.
Residual risk is what remains after factoring in the controls a third party has in place to mitigate risks. Even if there is inherent risk, strong security measures, compliance with regulations like GDPR, and solid privacy practices can reduce residual risk significantly.
Managed Security & Consultancy
Get started with Toro’s Third Party Risk Management solution
Ready to protect your organisation from external threats?
Toro’s Third Party Risk Management platform gives you the tools and insights to effectively manage third-party risks.
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People focussed
At Toro, people are at the core of everything we do – our team, our clients, and the partners we collaborate with.
We prioritise building trusted relationships, delivering consistently high standards, and providing tailored support that reflects the unique needs of every client.
