WHAT IS PHAST-START: THIRD-PARTY RISK MANAGEMENT?
Relying on third parties to run certain core services and business operations exposes your organisation to risks outside your direct control. As this reliance increases, the pressure to understand and manage third party risks escalates, both from within the company and external regulators.
Phinity has developed an approach that will enable customers to accelerate from a state of immature TPRM processes and lack of third party risk understanding to a well-defined, automated process with clear, actionable data to help manage third party risks in the space of approximately four weeks.
Through our TPRM Phast-Start solution, you get access to the Phinity Third Party Risk Management (TPRM) Professional solution for 12 months, as well as 80 hours of professional services from one of our partners to configure and implement the solution within your organisation – all for a set fee of €15,000.
THERE ARE FIVE STEPS TO PHAST-START YOUR TPRM:
STEP 1: IDENTIFY
Our professional services partner will understand your organisational landscape and provide a proven TPRM framework, customised and adapted to your organisation.
STEP 2: DIGITISE
We will upload the information for ten third parties into the Phinity platform, configure our profiling and controls assessments, and set up custom roles for organisational users.
STEP 3: ASSESS
We will perform an inherent risk profiling of the ten selected third-parties and a control assessment of the five third parties with the highest risk profiles. We will set up automated workflows and, in so doing, determine a sustainable process that can be followed in the future.
STEP 4: REPORT
We will track the progress of the risk profiling and control assessments and provide feedback on status and risk results during the project.
STEP 5: REMEDIATE
We will guide organisational users and assist them in following up with the third parties to remediate any risks identified.
WHAT DO I GET FOR €15,000?
Phinity TPRM Professional License (12 months):
- Setup and customisation (including logos, email templates, custom roles, etc),
- Standard assessment library and assessment editor
- Customisable scoring and risk rating
- Email template designer
- Customisable workflows and campaigns to manage your assessments
- Inherent risk insights
- Dashboard and compliance reporting
Professional Services (approx. 80 hours):
- Define and agree TPRM framework and process
- Risk profile questionnaire finalisation
- Information Security or Privacy control assessment questionnaire finalisation
- Import 10 third parties / vendors
- Run risk profiling for 10 third parties / vendors
- Run evaluation of the controls for 5 third parties / vendors
- Training of customer staff to continue with the platform (1 session)
WHY CHOOSE PHINITY?
The Phinity TPRM Phast-Start has many benefits for your organisation:
IDENTIFICATION FOR THE
TEN THIRD PARTIES
CLEAR EVIDENCE OF THE IMPLEMENTATION OF A TPRM PROGRAMME
CONTINUE THE TPRM PROCESS BEYOND THE PHAST-START PHASE