Third Party Risk Management
Comprehensive Third Party Risk Management to Safeguard Your Business
In today’s rapidly evolving digital landscape, businesses rely heavily on external partners, vendors, and service providers. These third party relationships, however, introduce potential vulnerabilities that can put your organisation at risk. With Toro’s Third Party Risk Management solution, you can take a proactive approach to identifying, assessing, and managing risks from external sources - keeping your business protected from data breaches, compliance issues, and operational disruptions.
Why Third Party Risk Management is Critical
Every time you engage with a third party, you're extending your organisation's exposure to risk. Vendors, partners, and service providers often have access to your sensitive data, systems, or customers, and process Personally Identifiable Information (PII) 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, keeping your data integral.
Toro’s solution helps you map out who interacts with your data and determine the level of control required based on the sensitivity and volume of that data. By taking a structured, proactive approach, your business stays protected against potential threats and vulnerabilities.
Remember, 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.
This includes managing integrity and insider risks posed by contractors and subcontractors. Effective oversight and monitoring are essential to safeguard against threats that may arise within the extended supply chain.
Understanding Inherent and Residual Risk in Third Party Risk Management
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 policies can reduce residual risk significantly.
Toro’s platform helps assess and compare the inherent and residual risks associated with your third party relationships, giving you a clear understanding of where your greatest vulnerabilities lie.
Real-Time Monitoring with Toro’s Third Party Risk Management Platform
Third party risks don’t remain static - they evolve as your partners’ operations and the global risk landscape change. That’s why it’s crucial to have real-time visibility into your third party risk profile. Toro’s Third Party Risk Management platform enables continuous monitoring, giving you up-to-the-minute insights into potential vulnerabilities across your vendor network.
With our platform, you can track risk at both individual and aggregate levels, ensuring no blind spots. By regularly monitoring risk exposure, your organisation can stay ahead of emerging threats and address them before they become critical issues.
By integrating cyber threat monitoring and dark web surveillance, Toro’s platform ensures real-time alerts if your organisation is targeted or compromised by a cyberattack or data breach. This immediate insight allows you to respond swiftly to threats, minimising the impact on your business.
Tailored Frameworks for Flexible Third Party Risk Management
At Toro, we understand that every business has unique requirements, which is why we offer multiple frameworks to suit your needs. Our Third Party Risk Management platform supports industry-standard frameworks like ISO, NIST, Cyber Essentials, and IASME Cyber Assurance, to name just a few, ensuring that your risk assessments align with both your organisation's operational requirements and compliance obligations.
These tailored frameworks give you the flexibility to assess and manage risks in a way that works for your specific industry, helping you maintain compliance while reducing your overall risk exposure.
Streamline Risk Management with Toro’s Digital Platform
Manual processes for assessing and managing third party risks—like spreadsheets and emails—are inefficient and prone to errors. Toro’s Third Party Risk Management platform eliminates these issues by offering a streamlined, automated solution. You can manage the entire lifecycle of your third party relationships, from onboarding to cyclic reviews, all from one place.
Relying on certifications can be limiting, as they only offer a snapshot of controls at a specific point in time. Furthermore, audits like SOC and ISAE are not based on standardised control frameworks, making it difficult to compare results across different organisations. To overcome these challenges, conducting evidence-based sampling provides a more accurate understanding of the effectiveness of controls. This approach helps identify areas for improvement, especially where controls are in place but may lack the necessary detail or maturity to ensure robust security.
Benefits of Toro’s Third Party Risk Management Solution
Real-Time Risk Monitoring
Stay informed about your third party risks with continuous, real-time insights.
In-Depth Risk Assessments
Gain a clear understanding of both inherent and residual risks across your supplier network.
Flexible Frameworks
Tailor your risk assessments using industry-standard frameworks, and customise assessments to your specific business needs where necessary.
Streamlined Processes
Manage all aspects of your third party risk relationships from one digital platform—no more spreadsheets or manual processes.
Evidence-Based Sampling
Go beyond certifications with evidence-based assessments to ensure controls are effective and robust.
Remediation Tracking
Track and monitor remediation efforts to ensure that control gaps are quickly addressed.
Support for Vendors
Toro’s experts offer additional support to vendors that need to enhance their security and compliance frameworks.FAQs
What is Third Party Risk Management?
Third Party Risk Management (TPRM) is the process of identifying, assessing, and mitigating risks posed by vendors, partners, suppliers, 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, ensuring your suppliers adhere to your standards and policies.
How often should I conduct Third Party Risk assessments?
It’s important to assess third party risks during the onboarding process and regularly thereafter, typically on an annual basis. If, however, 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.
What are the benefits of using Toro’s Third Party Risk Management platform?
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.
How can Toro help vendors improve their security controls?
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 cyber security posture, update compliance measures, and ensure they meet the necessary standards, reducing your overall risk.
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.
Contact us today to learn how we can help you safeguard your business and reduce your risk exposure.