Third-Party Risk Management Services
Third-Party Risk Management & Vendor Assessment Services
About 60% of companies experienced a data breach due to a third-party vendor in the past year. - Forrester Research
Regulatory requirements such as HIPAA, CCPA, GDPR, GLBA, ISO 27001, NIST 800-53 and numerous other standards require a risk-based third-party management program to protect the data shared with service providers and vendors.
Protect your customers, incorporate appropriate security standards as part of your contracts and assess your future partners’ ability to keep information secure. HALOCK can help build and manage a specific third-party risk management (TPRM) program for your environment – whether it be a initial assessment and program development or an ongoing monitoring program for your vendors, partners, or contractors.
Third-Party Risk Program Assessments
HALOCK maps the current vendor management processes to industry standards and proven risk management frameworks. Though HALOCK evaluates the program to the highest maturity model, the goal of any third-party security assessment is to develop a portfolio of reasonable recommendations, and controls, to align heightened organization mission and compliance requirements. Working with stakeholders, the third-party risk assessment focuses on:
- Roles and responsibilities within the risk management program
- Workflow reviews of vendor onboarding, oversight and termination
- Organizational approaches to assigning the inherent risk of third party relations
- Critical risk tier definitions
- Partner assessment processes
- Personnel skillsets and training
- Current framework and policy evaluations
- Cybersecurity posture assessments
Why HALOCK for Your Vendor Risk Assessments?
HALOCK can integrate with your team to help assess your vendor’s control environment for compliance with privacy and security requirements, reporting assessment results and presenting recommendation for high-risk services to remediate potential exposure of data and security breaches.
HALOCK offers a strong knowledge of:
- Regulatory standards that govern Information Security practices such as HIPAA, PCI, CCPA, GLBA, and state and federal privacy laws.
- Information Security Risk assessment and analysis methodologies (FFIEC, NIST, etc.).
- Information security standards (ISO 27000 series, NIST, etc.).
Plus, the team provides:
- Experience with Supplier Management GRC (Governance, Risk, and Compliance) systems
- Qualified Security Assessors (QSAs)
- Ability to develop executive reports and deliver presentation to executives
As part of the TPRM program, you will also receive supplementary references and documents to develop a reasonable and appropriate security program such as:
- Contractual Security Language
- Program Flow Charts
- Inherent Risk Criteria
- Vendor Risk Analyst Criteria
- Pre-Assessment Scoping Worksheets
- Vendor Assessment Planning
- Security Questionnaires
- Document Request List
- Assessment Planner
- Executive Summary
Ongoing Monitoring & Management: Third Party Risk Management Program
Because your risks and your partners’ risks can change daily, implementing an ongoing TPRM program can help protect your data and increase your business resiliency. A proactive approach to your vendor program can streamline your operations and reduce cost by actively:
- Demonstrating reasonable security and duty of care over critical assets that may be impacted by vendors or third parties
- Meeting and maintaining compliance requirements
- Minimizing liabilities associated with vendors or third parties
- Actively managing risks associated with vendor processes
HALOCK can partner with you to monitor and manage the TPRM process. The program includes a TPRM team that can help keep track of changes that can impact your security profile which include:
- Vendor inventory & inherent risk profiling
- Categorize Vendor Tiers (High, Significant, Moderate, Minimal, Low)
- Due Diligence Checklist for each Tier
- Remediation Tracking Process and Tools
- Define Risk Acceptance criteria and forms
- Setup Vendor Oversight per Tier
- Initiate vendor reviews
Review how to best secure your third-party risk with a program suited for you.
HALOCK is a trusted cybersecurity and risk management company headquartered in Schaumburg, IL, in the Chicago area. HALOCK partners with you to establish reasonable security controls based on your organization’s mission, objectives and social responsibility.