TPTRAC is SecurEyes’ dedicated platform for third-party risk management, particularly designed for organizations aiming to monitor and secure their relationships with external vendors and suppliers across their supply chains. The solution leverages SecurEyes’ experience in conducting cyber risk assessments across hundreds of third parties, ensuring the systematic identification, evaluation, and mitigation of risks associated with third-party engagements.

 

Key Features and Functionalities of SE-TPTRAC

1. Third-Party Framework Management:

Organizations can define custom compliance frameworks for their vendors, enabling the platform to adapt to various regulatory and internal requirements. This flexibility allows SE-TPTRAC to integrate with existing compliance structures seamlessly.

2. Self-Assessment Calendars:

Establishes a structured timeline for self-compliance reporting across different categories of third parties. This calendar-based approach supports proactive risk management by ensuring that third-party assessments are conducted regularly and systematically.

3. Third-Party Risk Assessment Lifecycle:

SE-TPTRAC provides end-to-end management of the risk assessment process for third parties. This lifecycle management includes assessment of risk on the onboarding of vendors, continuous monitoring of compliance with cybersecurity standards/guidelines, documenting evidence, tracking risk reports, and monitoring compliance with agreed-upon risk mitigation measures.

4. Observation and Mitigation Lifecycle:

Complete observation management is provided, from initial reporting of risk to mitigation by third-party vendors. The platform supports a comprehensive tracking mechanism, facilitating enhanced risk visibility across the vendor network.

5. Global Compliance Monitoring:

For organizations with international operations, SE-TPTRAC offers a robust monitoring system that keeps track of compliance status across global third-party networks. This capability is particularly valuable for companies with complex supply chains spanning multiple regulatory environments.

6. Dashboarding and Reporting:

Advanced dashboards enable users to view compliance and risk statuses at multiple organizational levels. Drill-down reports provide insights into specific vendors or regions, enhancing data visibility and supporting decision-making processes.

7. External Portal Access for Vendors and Assessors:

Vendors and external assessors can securely access their respective dashboards and relevant data through an external portal, facilitating ease of communication, document exchange, and real-time compliance monitoring.

8. Custom Notifications and Alerts:

SE-TPTRAC provides custom notifications, alerts, and escalation features, ensuring that stakeholders receive timely updates on risk and compliance statuses via email, messages, or application pop-ups.

Benefits and Real-World Impact of SE-TPTRAC

1. Efficiency in Third-Party Risk Assessment:

SE-TPTRAC has proven to reduce assessment time significantly, as seen in a case study with one of the largest banks, where conducting supplier assessments on the platform led to a 60% reduction in assessment time.

2. Enhanced Supplier Response and Risk Oversight:

With SE-TPTRAC’s centralized system, organizations gain better visibility into vendor risks, allowing for proactive management of potential issues, often detecting vendor-related risks early in the vendor lifecycle.

3. Vendor Categorization and Scoring:

Vendors are categorized and scored based on performance and compliance, with continuous assessment updates, helping organizations prioritize high-risk suppliers and tailor risk management strategies accordingly.

 

Use Cases in Various Sectors

1. Banking and Financial Services:

With a high dependency on outsourced services, banks can use SE-TPTRAC to ensure that each vendor adheres to strict compliance and cybersecurity protocols, mitigating risks to sensitive data and operations.

2. Healthcare:

As healthcare providers engage with numerous third-party vendors for medical devices, data storage, and more, SE-TPTRAC aids in monitoring these critical supply chain interactions, ensuring compliance with data privacy standards and securing patient information.

3. Government and Public Sector:

For government entities dealing with contractors and other third parties, SE-TPTRAC provides a structured approach to enforce compliance with national security standards, securing the flow of sensitive information and preventing vulnerabilities within supply chains.

 

SE-TPTRAC by SecurEyes offers a robust and flexible solution for organizations needing to manage third-party risks efficiently. Through structured assessments, enhanced reporting, and ongoing monitoring, SE-TPTRAC addresses critical pain points in supply chain security, promoting resilience and reducing the risk associated with vendor dependencies. This solution aligns seamlessly with global regulatory frameworks, making it ideal for industries like finance, healthcare, and government sectors that demand rigorous third-party risk management.