Risk and compliance objectives are no longer limited to traditional organizational boundaries, rather organizations now responsible for the actions of their third-parties. Third party risk management is the process of analysing, controlling, and monitoring the risks presented to an organization by a third party vendor.
REEF SMART adopts a lifecycle approach to manage your third party risk management needs which includes planning, assessment, remediation, and periodic monitoring and improvement
Identify the objectives (policies & standards) and compliance needs.
Categorize third-party vendors as per the requirements This reduces redundancy in questionnaires improving the timelines for completing assessments.
Continuous monitoring of vendor performance by comparing current assessment with previous assessment to minimize risk scores.
Align resources and set roles & responsibilities to execute risk assessments. Populate and centralize third party catalogue, MSA’s, and engagement data in the risk management system.
Execute risk assessment exercise to identify compliance and risk score. Assign relevant questionnaire to respective vendor SPOC and gather responses and artefacts. Employ risk-based segmentation can to effectively categorize third parties and prioritize monitoring.
Analyze identified issues and remediate them with corrective measures. Assessor provides feedback to vendor SPOC after questionnaire response review and provides actionable advices to close critical observations.
