3rd Party and Vendor Risk Management

At Nainov, we understand that most modern organizations increasingly rely on third parties or vendors to provide key services as part of their business process traditionally managed internally.

The advantage of this approach is to help them focus on their key capabilities and strengths and to reduce the operational costs and increase revenue.

However, third parties often do not have the right security maturity and competence to adequately secure the organization’s data and assets, which could result in data security risks and compliance risks depending on the data in scope.

As recent studies have shown, the lack of security results in significant risk exposure for third parties as well as the companies they do business with.

Malicious hackers have developed a common strategy of compromising “soft" targets, such as small or unsophisticated third parties, and then use the third party’s access to other systems or data as a steppingstone to attack the Vendor’s large Clients.

Nainov works with various clients to assess the security capabilities of their vendors/third parties to provide them a deeper insight into the level of additional risk they pose to their organization.

Our conclusions allow our clients to make informed decisions regarding their use of third-party products and services, including the mitigating controls that would need to be put in place prior to initiating the business engagement and the information they require to manage the vendor relationship.

Nainov TPRM service offering includes;

  • Third-Party Risk Management: Design Overview
  • Third-Party Risk Management: Program review and assessment
  • Third-Party Risk Management: Assessment and Support
    • Process management
    • Third-Party Engagement Profile Development and Maturity
    • Scope Design and Development
    • Third-Party Initial Risk Survey Development
    • Third-Party Customized and Tailored Questionnaire development
    • Onsite and Remote assessment coordination
    • Standardize Risk Assessment Report development.
    • Corrective Action Plan Monitoring and Tracking
  • Third-Party Risk Management: Continuous Monitoring

Nainov has the ability to manage your TPRM program as a managed service (Vendor Risk as a Service (VRaaS) and we also handle your responses to your client’s questionnaire on your behalf.