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LTI’s Third Party Risk Management Service

While organizations strive hard to secure their own IT environment from different types of cyber security attacks, the risks arising from third-party service providers and weaknesses in their system remain underestimated. In today’s hyper-connected world, the risk of a single entity may get transferred to other associated entities in cascading manner. Such risks can also result in a security breach that involves data loss, business disruption, brand and reputation damage, and possible regulatory and legal requirement violations. Often, the responsibilities and liabilities associated with the security breach in a third-party service management process remain a grey area. Today, surface-level visibility is not enough to manage third-party risks as these risks could be dynamic, as well embedded in the system.

LTI’s Third Party Risk Management Program begins with classifying a third-party based on inherent risks during on-boarding process. It defines frequency & coverage of risk assessment based on third- party risk profiling. The program covers policies, processes, people, tools and technologies used by third parties in a holistic manner and ensure that any vulnerabilities in these areas do not pose risk to the organization.

The organizational structure, workflows, questionnaire and weightage assigned can be customized and configured as per the specific business environment. The TPRM program does a qualitative and quantitative risk analysis, provides drill down dashboarding capabilities, uses AI/ ML-based analysis to have deep visibility to security posture of third-party service provider. A structured model based on international frameworks also helps to track, prioritize and mitigate third-party risks.

LTI’s TPRM service is a quick start activity and is extremely scalable and flexible.

Key Highlights:

  • Supports all international compliances across industries and geographical countries
  • Facilitates third-party risks assessment and mitigation throughout lifecycle of the engagement
  • Enables qualitative and quantitative rating with industrial benchmarking
  • Enabled through collaborative and interactive platform for all participants
  • Maintains repositories of all question banks, responses and evidences, vendor profile histories
  • Historical assessments used for trend analysis and for future assessment
  • Multi-lingual cloud-based SaaS solution with configuration capabilities that is easy to deploy
  • Ease of integration with organizational current technology environment by using out-of-box connectors
  • Enhances effectiveness and efficiency of assessments to drive insights, trends and Comparative Analysis through AI/ ML capabilities

Key Benefits:

  • Provides full visibility to third-party risks
  • Ensures ability to stay current with changing compliance requirements
  • Enables shorter time frames to conduct any assessment
  • Reduces overall risk exposure and associated costs related to third parties
  • Helps in selecting right partners for the specific business needs

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