Risk assessments are the backbone of third-party risk management (TPRM) programs, and most programs begin with requiring assessments of the third-party organizations. However, as these programs mature and their automation solutions become more sophisticated, many begin to look at assessing risks at a more granular level. Often, this means assessing risk at the engagement/project level – the actual points of interaction between the business and the third party.
In some use cases, engagement-level risk assessments can be a valuable due diligence tool to reduce risk exposure and protect the business. In many cases, however, over-engineering engagement-level risk assessments can have the opposite effect – with the potential to bring down your entire program.
Download this white paper to understand various approaches to engagement-level assessments, examples of when those assessments are appropriate, and how technology can help you reach your goals.
