Building a third-party risk management program from scratch
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I've been brought in to build our TPRM program from the ground up. We're a mid-size fintech (~500 employees) with about 200 vendors, and currently there's no formal vendor risk assessment process.
Looking for advice on:
- How to tier vendors (critical/high/medium/low)
- What to include in a vendor risk assessment questionnaire
- How often to conduct reassessments
- Any recommended frameworks or templates
Budget is limited, so I need a pragmatic approach rather than a gold-plated solution.
I built our TPRM program from scratch 3 years ago. Here's the pragmatic approach that worked:
Tiering (first priority):
- Critical: Handles customer data, provides core infrastructure, or would cause major business disruption if unavailable. Probably 10-15 vendors.
- High: Accesses internal systems or handles sensitive data. Maybe 30-40.
- Medium: General business services with some data access.
- Low: Commodity services, no data access.
Assessment approach:
- Critical: Full questionnaire + SOC 2 report + on-site/virtual assessment annually
- High: Standard questionnaire + SOC 2 or equivalent annually
- Medium: Abbreviated questionnaire every 2 years
- Low: Self-certification at onboarding only
Framework: Start with the Shared Assessments SIG Lite questionnaire — it's comprehensive but not overwhelming. Customize from there.
Don't try to assess all 200 vendors at once. Start with your critical tier and work down.
3 réponses
One addition: make sure you build fourth-party risk awareness into your program from the start. Your critical vendors likely depend on sub-contractors. At minimum, require critical vendors to disclose their key sub-contractors and confirm they have their own vendor management program.
Also, check whether your regulators have specific TPRM expectations. OCC guidance (OCC 2013-29 / 2023-17) is a solid reference even if you're not a bank.
On the tooling side: if budget is tight, a well-structured spreadsheet works fine for the first 6-12 months. Don't fall into the trap of buying an expensive GRC platform before you've defined your process. We started with Excel, refined our approach over a year, and only then invested in dedicated TPRM software (we went with ProcessUnity, but there are several good options).
The tool should serve the process, not the other way around.
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