Third Party Risk Management

Third Party Risk Management

Reduce the risk in dealing with contractors, vendors, partners, service providers or any of the many third parties you find yourself dealing with in business. Vetzu helps to manage and control the risk using state of the art and up-to-date TPRM (Third-party Risk Management) allowing your efforts to be directed towards running a successful business.

Third Party Risk Management

Categorizing vendors and other third parties by inherent risk scores and impact is optimal for keeping track of which companies need to be checked in on or need extra communication. One way of doing this can be by using the following tiers:

Tier 3: Low Risk & Low Criticality → (Focus Little Effort)
Tier 2: Medium Risk & Medium Criticality → (Focus Moderate Effort)
Tier 1: High Risk & High Criticality → (Focus Majority Effort)
Assigning each third party an inherent risk score can be used to efficiently categorize and prioritize vendors. When giving each vendor a risk score, Vetzu can assess them by reflecting on the following:

1. Does the vendor have access to proprietary or confidential business information?
2. Does Vetzu share personal data with the vendor​?
3. Does Vetzu share sensitive personal data with the vendor​?
4. Does Vetzu share personal data across borders​?
5. Does the vendor serve a critical business function/s?
The impact is another significant factor that can be used to categorize vendors. Consider the following when assessing a vendor’s impact on Vetzu:

1. The impact of unauthorized disclosure of information​
2. The impact of unauthorized modification or destruction of information​
3. The impact of disruption of access to the vendor/information​

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