Third-Party Risk Management

Often times suppliers and third party’s are measured for compliance to specific requirements – via spreadsheet questionaiires. Take your third party risk program to the next level by conducting risk assessments on your suppliers as you do upon yourself. Easily segment suppliers into a group of their own in TrustMAPP and issue the approprpaite level of control assessment – automatically generated – to your third party’s. You can also create differnt assessment levels based on the criticalility of your third party suppliers.

Case Study on Third Party Risk Management Using TrustMAPP

The Challenge 

When the Director of Security at a regional bank system was concerned that traditional security questionnaires were not providing the full picture of third-party risk, she turned to TrustMAPP.  

The Solution 

Using the TrustMAPP platform, the bank system now augments the risk management process by ensuring all third-party vendors complete a security process assessment via a secure web-based portal. The assessment is based on the bank’s chosen security framework (NIST CSF) and regulatory requirements from FFIEC. 

The Outcome 

When comparing TrustMAPP to other options, the bank realized capital savings were above $200,000 and was 12 weeks quicker. Early results yielded insights into risk that had not been revealed using the traditional audit and control questionnaire process. Supported by TrustMAPP’s simple to use web-portal and built-in analytics, the bank’s executives now have a clear picture of third-party risk continuously.