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Risk Management Via Third Parties

Introduction

Third-party contractors are increasingly used by businesses to guarantee quicker production results, adhere to strict delivery deadlines, and cut expenses. But they are susceptible to unanticipated hazards when they expand their operational environment through third-party suppliers to enhance their goods and services. 

Organizations are now held accountable for the acts of their third parties, therefore risk and compliance objectives are no longer restricted to the traditional corporate boundaries. The reviewing, regulating, and monitoring the risks that a third-party contractor presents to an organization is defined as third party risk management. 

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Our Process & Approach to Third Party Risk Management

To manage your organization’s third party risk management requirements, our team at Precise Testing Solution uses a lifecycle approach that includes the following process as mentioned below:

  • We will determine the goals including policies & standards to meet compliance requirements. 
  • We will set roles and duties, align resources, to carry out risk assessments. 
  • We will sort independent contractors into categories based on the specifications. 
  • To determine compliance and risk score, we will do a risk assessment session that provide the appropriate surveys to the appropriate vendor and collect the responses. 
  • We will analyze the problems that have been found, then take corrective action to fix them. The process of identifying risks and taking corrective action is also driven by issues or observations found. 
  • Finally, to reduce risk score, we continuously check vendor performance by comparing the current evaluation with the prior assessment. 

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Why should you choose Precise Testing Solution?

The Precise Testing Solution is a STQC & CERT-IN empanelled company that is a member of the Data Security Council of India and NASSCOM, and is also certified under ISO 9001:2008 and ISO 27001:2013 standards & licensed IT services software testing company that provides cyber security services as well along with information security solutions that include VAPT Services, Penetration Testing Services, and Vulnerability Assessment Services.  

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