Third Party Program Assessment
While the practice of Third-Party Risk Management focuses on identifying and reducing risks related to the use of third parties, we recognize that every Third-Party Risk Management Program is different as risk is relevant to the organization and every organization has its own risk appetite.
The Focus
Third Parties are a necessary and common component of most businesses today, as more and more organizations come to rely on outsourcing as a means of keeping operations running. Relying on Third Parties can expose and leave your business vulnerable, if a strong and effective Third-Party Risk Management Program is not in place and properly monitored.
Through a defined, streamlined approach designed to be flexible yet manageable, we never substitute quality for quantity – we deliver both through a multitude of services to help you build, manage and/or execute a consistent and sustainable Third-Party Risk Management Program. Whether we supplement your team or run your program end-to-end, our goal is to ensure your program is maintainable, measurable, and compliant, while we help you drive it forward to a mature state model.
How's Your View?
Find out how Third Party Program Assessment can transform the way you view risk.
Resources
Consequences of a Third-Party Data Breach
Organizations that don’t take measures to protect against third-party risk are vulnerable to both security and non-compliance risks. Data breaches attributed to third parties can be extremely disruptive. Consequences include:
Financial Loss
Risk of negatively impacted revenue as well as legal fees and fines.
Legal Battles
Third party impact to your compliance with industry standards and regulations.
Exposure of Sensitive Information
Data security risks from outsourced services and data breaches.
Damaged Reputation
Risk to your corporate reputation due to negative public opinion.
Focused & Dedicated
Lynx Professionals bring focused and dedicated expertise that will work with your internal Program team to:
Develop a risk assessment framework that strategically assesses vendors based on their risk to the organization
Targeted questionnaires/assessments based on the third-party product/service to be outsourced
Develop internal controls framework specific to a third-party classification
Make recommendations and provide industry perspective in aligning third-party policies and procedures to recent regulatory guidelines
The Lynx team of professionals can help you build, manage and/or execute a consistent and comprehensive Third-Party Assessment Program. Our goal is to ensure your program meets Regulatory and Compliance requirements and help drive your Program to a mature state model.
Schedule a Call or Consultation
Our Security Practice has a proven track record of delivering security assessments for organizations of all sizes in highly regulated industries worldwide. The objective is to provide our customers with a cost-effective, innovative approach to managing and maturing their programs and achieving measurable results.
