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Shared Assessments is busy putting the final touches on the 2021 Third Party Risk Management Toolkit, set to launch September 29, 2020.

The toolkit is responsive to the events of 2020 – a global pandemic, shutdowns and a shift to a virtual workforce has meant this year is redefining how organizations approach risk management. Vendors are more “remote” than ever, but assessments and assurance of security controls remain just as critical. Resilience, financial viability and operational risk are more important than before. Data governance regulation and international frameworks are developing at a fast pace, requiring even higher levels of TPRM program maturity.

With this backdrop, the 2021 Third Party Risk Management Tools were developed to address the following risks:

  • Increased fraud risk
  • Long-term virtual workforce
  • Resilience
  • Data Loss Prevention and Remote Access
  • Inability to conduct onsite assessments
  • Economic disruption
  • Supply chain disruption
  • Inability to manage cross-border data transfers
  • Travel restrictions
  • Vendor failures

The toolkit was built to work together to address the typical process third party risk practitioners would follow to implement a mature program. New for this year, we have launched a series of workshops to help TPR professionals maximize the use of the tools. The workshops available are:

We will also have two webinars to review the tool changes for 2021.

Stay tuned for the tool release later this month. To make sure you are on our distribution list, or for any questions, please email us.

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