Risk and Performance Management

Third Party Risk Management

Risk and performance management in third-party risk management (TPRM) involves continuously monitoring and evaluating both the security risks and the overall performance of your third-party vendors. It's a holistic approach combining security assessments with performance metrics to comprehensively understand your vendors' capabilities and potential impact on your organization.  

How ThreatNG Helps with Risk and Performance Management:

ThreatNG offers a powerful platform for managing the risk and performance aspects of your third-party relationships. Here's how:

1. Superior Discovery and Assessment:

  • Identifying Risks and Performance Gaps: ThreatNG's discovery and assessment capabilities go beyond basic security checks. Analyzing factors like web application security, data leak susceptibility, and brand reputation can identify potential risks and performance issues.  

  • Examples:

    • Cyber Risk Exposure: ThreatNG can assess a vendor's overall cybersecurity posture, identifying weaknesses impacting security and performance.

    • Brand Damage Susceptibility: By analyzing social media sentiment and news articles, ThreatNG can identify potential reputational risks associated with a vendor that could impact your brand image.  

2. Continuous Monitoring:

  • Tracking Performance Trends: ThreatNG's continuous monitoring capabilities allow you to track performance trends over time. This helps you identify vendors who are consistently underperforming or showing signs of declining security posture.

3. Reporting:

  • Performance-Based Reporting: ThreatNG generates detailed reports that combine security risk assessments with performance metrics, including insights from the Sentiment and Financials investigation area. This provides a comprehensive view of your vendors' overall performance, encompassing their cybersecurity posture and reputation, and helps you identify areas for improvement.

    Example: A report combining a vendor's security rating with their news coverage and financial health indicators (such as any recent lawsuits) can provide a holistic view of their performance. This allows you to identify potential risks associated with a vendor's instability or negative reputation that could indirectly impact your organization.

    By incorporating data from the Sentiment and Financials investigation area, ThreatNG's reports provide a more complete picture of vendor performance, allowing for a more informed and proactive approach to third-party risk management.

4. Collaboration and Management:

  • Performance-Based Questionnaires: ThreatNG's dynamic questionnaires can be customized to include questions about a vendor's performance metrics, service level agreements (SLAs), and incident response capabilities.

  • Policy Management: You can use ThreatNG to define performance standards and include them in your security policies for third-party vendors.

5. Intelligence Repositories:

  • Identifying Performance Risks: ThreatNG's intelligence repositories can help identify vendors who have a history of poor performance, have been involved in data breaches, or have negative reviews from other customers.

  • Example: If a vendor has been publicly criticized for poor customer service or frequent outages, ThreatNG can alert you to this potential performance risk.

Complementary Solutions and Services:

  • Performance Monitoring Tools: Dedicated performance monitoring tools can provide more granular insights into a vendor's service availability, response times, and other performance metrics.

  • Vendor Relationship Management (VRM) Platforms: VRM platforms can help you track vendor contracts, SLAs, and performance reviews in a centralized location.  

  • Third-Party Risk Management Frameworks: Frameworks like NIST SP 800-161 guide managing third-party risks, including performance-related risks.  

Examples with Investigation Modules:

  • Domain Intelligence: ThreatNG's domain intelligence module can identify vulnerabilities in a vendor's DNS records that could impact security and performance, such as missing DMARC records or slow DNS resolution times.  

  • Cloud and SaaS Exposure: ThreatNG can identify if a vendor relies on cloud services that have known performance issues or have experienced outages.

  • Technology Stack: Analyzing a vendor's technology stack can reveal potential performance bottlenecks or reliance on outdated technologies.

By combining ThreatNG's capabilities with complementary solutions and focusing on security and performance, organizations can effectively manage the risks and performance of their third-party vendors, ensuring that they are meeting their contractual obligations and contributing to the organization's success.