Improve Trust, Resilience and Compliance Through Sapphire’s Third-Party Risk Management
Organisations today increasingly rely on third-party suppliers for essential service and products. While these relationships are integral to operational efficiency and innovation, they al introduce many risks that can impact an organisations financial health, reputation and compliance status.
This is where Third-Party Risk Management (TPRM) comes into play, offering a strategic framework to identity, asses, mitigate and monitor risks associated with third-party relationships.
what it is
Helping our Customers Improve Trust.
TPRM addresses several risks, including cyber security threats, data breaches, and operational disruptions. Legal non-compliance and reputational damage. In an area where data privacy and security are paramount, a breach or compliance failure by a third party can have dire consequences for a company, both financially and legally.
HOW WE DO IT
Comprehensive Risk Assessment.
With ever-evolving regulations, particularly in data protection and privacy, TRPM ensures that third-party vendors comply with relevant laws and standards, thus safeguarding the company from legal penalties and reputational harm.
Technology and Expertise.
Advanced technology and specialised expertise are critical components of an effective TPRM strategy. Sapphire utilises cutting-edge risk assessment, monitoring and reporting tool, ensuring a proactive approach to risk management. Our expertise spans diverse industries, offering insight and strategies tailored to your company’s needs.
Cost Effective Risk Management.
Outsourcing TPRM can be more economical than developing in-house capabilities using an internal team, allowing you to concentrate on your core business operation and fostering growth and innovation.
With over 25 years of expertise
Sapphire’s expertise in cybersecurity services for over 25 years has seen a major growth in the requirements of legislation, regulations and international standards for TPRM. Additionally, the growth in cybercriminals using trusted third-party suppliers’ permissions to gain access to an organisation’s infrastructure results in significant data breaches.
Sapphire recognises that not all third-party suppliers are the same, and through our initial consultation stage, we identified the right level of assessment for your key suppliers. Our TPRM systems have been developed to provide granular levels of criticality within the Assessments, depending on the importance of the service the supplier is offering.
Following this stage, Sapphire manages the distribution and handling of all assessments, which are then reviewed and verified by our subject matter experts
, to offer you a prioritised risk profile of each supplier.
Using our AI-driven portal, your suppliers will find it simple to use and allow you to monitor the progress across all your suppliers.