In today’s interconnected business landscape, third-party partnerships are essential but bring increased risks that can affect both operational continuity and compliance. According to industry insights, nearly half of third-party risks remain undiscovered until after onboarding, underscoring the importance of a mature third-party risk management (TPRM) program.
SureCloud’s latest whitepaper, The Third-Party Risk Management Maturity Journey Made Simple, provides a roadmap to navigate the complexities of TPRM with a structured, 7-stage model designed to suit organizations at any level of maturity.
Understanding the Stages of TPRM Maturity
The journey to a mature TPRM program is best approached as a series of strategic stages. Each stage progressively builds your organization’s capabilities in identifying, assessing, and mitigating third-party risks—ensuring that risks are managed proactively, not reactively.
Here’s a brief look at the stages covered in SureCloud’s model:
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Stage 0 – Identifying Needs
Organizations new to TPRM often start here, recognizing the need for a structured approach but without established processes. -
Stage 1 – Getting Started
At this point, TPRM activities are likely ad hoc, carried out on a departmental level without a unified framework or consistent processes. -
Stage 3 – Walking
Formalization of the TPRM program begins here, and processes are set up for assessing and tiering vendors based on risk. -
Stage 5 – Running
A dedicated TPRM team, supported by automation and continuous monitoring, handles more sophisticated, centralized assessments.
For a full breakdown of each stage and actionable guidance on progressing through the journey, the whitepaper dives deep into each phase, offering insights to strengthen your program at any stage.
Why Mature TPRM Matters
A mature TPRM program isn’t just a regulatory requirement; it’s a strategic advantage. Effective third-party risk management enhances data security, builds resilience, and safeguards compliance—benefits that ripple across the organization.
Moving Toward Proactive Risk Management
As organizations climb the TPRM maturity ladder, they move from a reactive approach to proactive risk management. A mature program includes continuous monitoring, automated assessments, and a unified TPRM strategy integrated with broader risk and compliance objectives.
Download the full whitepaper to access SureCloud’s comprehensive 7-stage model, along with tips and tools to implement a scalable, effective TPRM program.
For the complete 7-stage guide to third-party risk maturity, download SureCloud’s free whitepaper, The Third-Party Risk Management Maturity Journey Made Simple, and start building a proactive TPRM program today.
