Third Party Risk Management
Mitigate risk, ensure compliance. Our TPRM solution safeguards your business from third-party threats. Elevate security, protect reputation – all in one unified platform by Neotas.
Third Party Risk Management
Enhance business risk assessment and mitigation with Neotas Third Party Risk Management (TPRM)
Mitigate third party risks using advanced behavioural and reputational data. Neotas redefines TPRM with cutting-edge technology, enabling deeper insights and more effective risk mitigation.
Enhance Security
Strengthen your defense against data breaches and cyber threats by implementing TPRM. Safeguard sensitive information and customer trust, mitigating potential financial and reputational losses.
Ensure Compliance
Stay ahead of regulatory requirements with TPRM. Proactively assess third-party partners, minimizing legal and financial risks associated with non-compliance and avoiding costly penalties.
Optimize Efficiency
Streamline operations by identifying and addressing potential disruptions caused by third-party vulnerabilities. TPRM reduces downtime, ensuring consistent service delivery and maintaining your competitive edge.
Safeguard Reputation
Protect your brand's integrity and customer loyalty with TPRM. By mitigating risks tied to third parties, you maintain a positive image, fostering trust among stakeholders and sustaining long-term growth.
Monitor Third Parties Across The Entire Internet
Our Financial Intelligence Unit (FIU) harnesses the latest technological innovations to perform sophisticated data analysis. By employing state-of-the-art tools and AI-driven algorithms, we swiftly detect intricate patterns of financial crimes, ensuring proactive protection for our clients.
Clear Third Party Risk Reporting, Efficiently Delivered
Receive concise, accurate findings that focus on relevant red flags only – all with zero false positives.
No more wasting time sifting through lots of irrelevant data.
Deeper Network Analysis
Remove your third party risk management blindspots and receive informed supplier data – in an easy and compliant way.
Our pre-built investigative searches and vast data sources mean analysts no longer need to waste time jumping between tools or building individual search criteria.
Monitor Ongoing Compliance
The key challenge is out-of-date information which cannot predict an impending risk or potential disaster.
Identify and monitor ongoing risks using real-time online data. Monitor only those risks you need to.
Combat Business Risk with Neotas Third Party Risk Management (TPRM)
Neotas empowers you to proactively identify, assess, and mitigate risks tied to external partners. Our robust solutions ensure regulatory compliance, fortify data security, and maintain uninterrupted operations.
Improve Efficiencies
Improve analyst efficiencies, including cost and time reduction of minimum 25% with zero false positives.
Reduce Blindspots
The FCA recommends open source Internet checks as best practice (FG 18/5). Manage and reduce risk by incorporating 100% of online sources into your processes.
Ongoing Monitoring
Manage risk with hyper accurate ongoing monitoring. We will monitor 100% of publicly available online data to help identify relevant risks.
Book A Demo
Case Studies
Our clients can choose to use our advanced technology to interrogate vast data sources using their own methodologies. Our team of in-house expert analysts can also produce reports for you.
Frequently Asked Questions
Third-party management refers to overseeing and controlling relationships with external entities, such as vendors, suppliers, contractors, and partners. It encompasses the entire lifecycle of these relationships, from selection and contracting to ongoing monitoring and risk mitigation.
Read more on What is Third Party Risk Management and Third Party Risk Management Framework
The role of Third Party Risk Management (TPRM) is to identify, assess, and mitigate risks associated with engaging third-party vendors, suppliers, contractors, and partners. It ensures compliance, protects sensitive data, maintains operational continuity, and safeguards an organization’s reputation by effectively managing risks introduced through external relationships.
The five phases of TPRM are as follows:
- Planning and Scoping
- Due Diligence and Vendor Selection
- Contractual Agreement and Oversight
- Risk Assessment and Analysis
- Continuous Monitoring and Reporting
Read more on Third-party management
TPRM in cybersecurity involves assessing and managing risks posed by third-party vendors to an organization’s information systems and data. It includes evaluating third parties’ cybersecurity practices, ensuring compliance with security standards, and mitigating potential vulnerabilities.
TPRM assessment involves evaluating the risk exposure associated with engaging third-party vendors. It includes assessing factors such as data security, regulatory compliance, financial stability, operational resilience, and potential impact on the organization’s reputation.
The objective of third-party management is to ensure external partners align with the organization’s goals, adhere to regulations, maintain high service standards, and pose minimal risks. Effective management enhances operational efficiency, reduces vulnerabilities, and preserves the organization’s reputation.
Third parties play various roles in a company, such as supplying goods or services, providing expertise, supporting operations, and contributing to the organization’s value chain. However, their involvement also introduces potential risks that need to be managed.
Vendor risk specifically pertains to the potential negative impact a vendor might have on a company’s operations or objectives. Third-party risk is a broader term encompassing risks posed by any external entity, including vendors, suppliers, contractors, and partners.
Vendor management focuses primarily on overseeing relationships with suppliers or vendors that provide goods or services. Third-party management is a broader concept that encompasses all external partnerships, including vendors, contractors, partners, and other third parties, and involves a more comprehensive risk management approach.
TPRM benefits organizations by minimizing the potential negative impacts of third-party relationships. It ensures regulatory adherence, reduces vulnerabilities, enhances data protection, maintains operational continuity, and preserves the organization’s reputation and stakeholder trust.
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Third Party Risk Management (TPRM)
Try Neotas Due Diligence Platform Today! Enhance resilience with Neotas TPRM solution. We safeguard your operations by identifying, assessing, and mitigating risks from third-party partnerships. Stay compliant, protect data, and preserve reputation. Elevate your risk management strategy with us.
