Third-Party Risk Management Every organisation is different and for that reason, a one size fits all approach should not be applied to your third-party risk management (TPRM) programme.Protiviti delivers third-party risk management (TPRM) solutions that are embedded into day-to-day business functions while aligning to industry and regulatory expectations. We identify cost savings, create efficiencies in processes, and mitigate today’s most critical risks.Successful TPRM drives value by helping business leaders gain visibility and understanding of the impact third parties have on increasing profitability, efficiency and compliance while ensuring your organisation's ecosystem has the resiliency to withstand new and unexpected challenges.If you're in a regulated environment, we help you drive compliance. If you're in a non-regulated environment, we will help increase profitability. Slash costs, improve processes, and mitigate the most critical risks of today Survey December 22, 2023 2024 Top Risks in the Financial Services Industry Protiviti and NC State University’s ERM Initiative have been conducting our Top Risks Survey for the past 12 years. This journey began just as financial markets around the world were starting their long, slow recovery from the global financial crisis, and has since covered the worst global pandemic in 100 years as well as near record-low interest rates followed... Learn more Our Third-Party Risk Management Services Pro Legal Briefcase TPRM Strategy and Programme Assessment, Design and Implementation/Transformation We provide better information that helps drive business decisions and generates revenue enhancing activities from assessing the current state, designing and building end-to-end programmes, enhancing individual life cycle components and implementing impactful changes. Pro Building office Improvement of Individual Risk Domains: Operational Resilience (Business Continuity), IT Security, Privacy, PCI, and Compliance We help leaders streamline data gathering and assessment activities to produce actionable information for each risk domain, support the creation of meaningful and real-time monitoring mechanisms and inform contracting processes through the creation of governance mechanisms that drive stronger Key Risk Indicators, Key Performance Indicators and Service Level Agreements. Pro Document Stack Third-Party Audits (IT Security/ Shared Assessments, Operations, Compliance) Protiviti’s assessment services drive decision making and inform risk stakeholders in a manner that is consistent with how your organisation manages its risks. We deliver meaningful output to our clients that informs whether a third party meets your expectations across the many risk domains. Pro Briefcase Technology Enablement Implement robust TPRM programmes across a variety of industries and geographies. TPRM requires technology enablement to make life cycle processes connect seamlessly and provide stakeholders with the information required to make better decisions. Protiviti helps you navigate through these implementations to help streamline programmes and processes to keep costs down. Pro Document Consent Targeted Issue Remediation and Incident Response Identify and resolve TPRM issues in a manner that supports your business and reduces the future risk of the same or similar issues repeating at a third party. Issues will arise with third parties no matter how strong your programme may be. An integrated approach to driving value Procurement and TPRM should be integrated across the life cycle to enhance your visibility, efficiency, risk management and cost management. The four sections of the TPRM life cycle each have an important part to play in helping you determine the right partners to drive your business growth and customer success. Protiviti offers an integrated one-stop solution for financial, information technology, compliance and operational due diligence. Transactions that have been through a comprehensive due diligence process are the most successful, and you are able to realis their expected value.Planning: Successful TPRM starts with strong linkages to business strategies and the value creation process.Due Diligence & Third-Party Selection: Risk Assessment, Due Diligence & Third-Party Selection should be coordinated, risk focused and intended to drive business value decisioning.Contract Management: Contract Management should be informed from the results of due diligence and end in contracts that align to business needs and provide appropriate risk mitigation requirements.Monitoring and Management: Strong contracts drive accountability for oversight activities which helps establish expectations for all parties on what will be required to have a successful relationship. Risk management and regulatory compliance go hand-in-hand. Find out more about Protiviti's regulatory compliance services. Click here Leadership Jeffrey Hau Jeffrey leads Protiviti Hong Kong's risk and compliance and internal audit practices with more than 20 years of experience in regulatory compliance consulting and auditing. As the leader of the financial services practice, his specific areas of focus include advising ... Learn More Edward Choi Edward is a director at Protiviti with 14 years of experience in regulatory compliance and internal audit for global financial institutions. He is a leader in Protiviti’s risk and compliance practice and serves the financial services industry in Hong Kong.Prior to ... Learn More Featured insights INSIGHTS PAPER Understanding the Impact of the EU AI Act: A Primer for Financial Institutions Navigate the EU AI Act's impact on finance with our strategic guide to compliance and ethical AI use. IN FOCUS Will CrowdStrike serve as a reboot on tech resiliency? Global IT systems are still in reboot and recovery after a software update by cybersecurity vendor CrowdStrike caused a massive worldwide outage of Windows computers. Global businesses, governments and organisations were impacted across several... WHITEPAPER DORA Compliance: Untangling Key Hurdles to Implementation The Digital Operational Resilience Act (DORA), or more formally known as Regulation (EU) 2022/2554, took effect on 16 January 2023, with final industry compliance required by 17 January 2025. The regulation underscores the importance of digital... WHITEPAPER SIFMA’s Quantum Dawn VII After-Action Report The latest iteration of SIFMA’s biannual cybersecurity exercise focused on the outage of a critical third-party service provider. The simulation and concluding survey found many financial institutions are already experienced with the loss of a... BLOGS How tech firms can prepare for new EU operational resilience rules on ICT risks A two-step indicator-based approach proposed by EU supervisory authorities will be used to assess ICT services providers to determine whether they should be designated as critical and subjected to oversight under the Digital Operational Resilience... Button Button Case Studies Global Systemically Important Financial Institution (G-SIFI) implements a third-party risk management (TPRM) programme to meet global regulatory standards Protiviti partnered with a G-SIFI to design and implement a third-party risk management (TPRM) programme in alignment with global regulatory standards with an additional goal of aligning programme development with available technologies within the client’s environment. The company’s current TPRM programme relied heavily on manual processes, data collection, and reporting which limited reporting on the overall programme – status, risks, and performance. Protiviti completed a pilot of the inherent risk questionnaire across ~300 engagements to confirm scoring logic and approach and aligned the TPRM programme to the revised issue management standard and procedures. In the end, enhanced risk assessment methodologies that align with regulatory expectations across the client’s global locations were implemented and due diligence methodologies and templates that provide more consistent results across subject matter areas were provided by Protiviti. Global Manufacturer of Technology Products revamps SIOP and warehouse operations to sustain growth A major U.S.-based manufacturer of technology products realisd its success was outpacing its capabilities in two key areas: sales, inventory and operations planning (SIOP) and warehouse management. The company’s foremost goal in SIOP was to increase top-line revenue by being more responsive to growth in demand. Protiviti conducted a comprehensive assessment of the organisation’s capabilities, analysed process metrics and researched emerging functionalities that could significantly upgrade SIOP capabilities. The result was a detailed list of recommendations that included: redesigned workflow and stakeholder engagement, better definition of the roles and responsibilities of key personnel, improved data flow among departments, substantially increased automation, and new metrics to improve visibility and accountability. Protiviti worked closely with IT and warehouse personnel to document business requirements for the D365 warehouse management system. The collaboration led the firm to redesign and update processes to account for both current and future workflows. A global bank partners with Protiviti to manage third-party risk A large global financial institution requested a transformation of its third-party risk management programme and wanted to identify opportunities for enhancement. Protiviti designed and implemented an automated TPRM programme, including an operating model, policies, frameworks, procedures, and enabling technology. The Protiviti team improved and streamlined processes throughout the third-party management function that provided deeper insight into performance, risk and compliance for the bank.
