Third Party Risk Management

Third-party risk management (TPRM) is the continuous process of identifying, monitoring and controlling risks by third parties such as suppliers, vendors, partners, service providers, and contractors to an organization, its data, operations and finances. Some of the risks include:

Operational risk—a third-party can disrupt business operations. Organizations can manage this risk through service level agreements (SLAs), and by setting up a backup vendor to ensure business continuity.
Compliance risk—a third-party can impact the organization's compliance with regulations, agreements, or legislation, such as the EU's General Data Protection Regulation (GDPR).
Cybersecurity risk—a compromised third-party can lead to a cyberattack that may result in data exposure or loss. Organizations can mitigate this risk by performing due diligence before onboarding new vendors and by continuously monitoring the vendor lifecycle.
Reputational and Strategic risk—a third-party can introduce risks that negatively impact public opinion. They may also cause organizations to fail to meet strategic business objectives.
Financial risk—a third-party can negatively impact the organization's financial success.

SERVICES AND SOLUTIONS

LogiqMax’s services and solutions are driven by our unique risk based ‘LogiqShield’ approach.

Third-party Management

LogiqMax’s Third-party Management service offers complete management of Third-party lifecycle including identification and screening, risk evaluation and mitigation, reporting, ongoing monitoring and offboarding.

Third-party Risk Assessment

We offer complete Third-party Risk Assessment (TPRA), including risk scoring, evaluation of risk against the organization’s risk appetite, control validation for desired residual risk level and continual monitoring for increased risk levels (e.g., data breaches).

Third Party Risk Management

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