Third-Party Risk Assessments
Protect Your Business by Securing Your Extended Ecosystem
Modern businesses rely on a vast network of suppliers, vendors, and partners to thrive. However, this interdependence introduces risks—third-party ecosystems are responsible for more than 53% of data breaches. Soffit’s Third-Party Risk Assessments (TPRAs) help you identify vulnerabilities, ensure compliance, and maintain trust across your network.
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Why Third-Party Risk Assessments Matter
Mitigate Cybersecurity Risks
Protect your sensitive data from breaches caused by third-party vulnerabilities.
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Ensure Business Continuity
Avoid disruptions by identifying potential issues in your vendor and partner relationships.
Demonstrate Compliance
Meet regulatory requirements such as GDPR, HIPAA, and ISO standards with confidence.
Build Stakeholder Trust
Strengthen your reputation by proactively addressing third-party risks.
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What is a Third-Party Risk Assessment (TPRA)?
A Third-Party Risk Assessment evaluates the security, reliability, and compliance practices of external entities your organization depends on, such as vendors, suppliers, and partners. These assessments identify potential risks and help establish trust in your extended business ecosystem.
How Soffit Helps You Manage Third-Party Risks
Our comprehensive TPRA services ensure your business stays secure and resilient:
Vendor Risk Assessments
Evaluate the security practices of your third parties to protect your sensitive data and systems.
Regulatory Compliance Support
Ensure alignment with industry-specific regulations like GDPR and HIPAA.
Business Continuity Planning
Identify risks that could disrupt operations and recommend actionable mitigation strategies.
Reputation Protection
Enhance your security posture to build trust with customers and stakeholders.
Our Risk Assessment Process
A streamlined third-party risk management process includes initial assessment, ongoing monitoring, and security evaluations.
Initial Assessment
Identify all third-party entities your organization engages with.
Categorize them based on their significance and risk level to your business.
Establish Risk Assessment Criteria
Develop criteria tailored to your organization’s needs and industry standards.
Use these metrics to evaluate each third party’s risk profile.
Financial Review
Analyze financial stability to ensure the third party’s ability to meet commitments.
Documentation and Reporting
Maintain detailed records of assessments and provide structured reports for senior management or board-level discussions.
Ongoing Monitoring
Regularly assess third-party performance and security practices to ensure continuous adherence to industry standards.
On-Site or Virtual Assessments
Conduct in-person visits or virtual evaluations based on the relationship and associated risks.
Security Assessment
Scrutinize the third party’s security policies and practices to evaluate their ability to safeguard your data and systems.
The Soffit Advantage
Partnering with Soffit provides you with a trusted team that combines expertise, technology, and a customer-first approach:
Expertise Across Domains
Benefit from our experience in IT infrastructure, cybersecurity, and compliance.
Tailored Solutions
Customized assessments that align with your business’s unique needs and industry requirements.
Proactive Risk Mitigation
Address vulnerabilities before they escalate into operational or security challenges.
Continuous Support
Regular monitoring and guidance to maintain a secure third-party ecosystem.
Take the Next Step Toward Securing Your Ecosystem
Third-party risks shouldn’t jeopardize your business. Soffit offers a complimentary consultation to assess your current third-party risk posture and design a tailored strategy to secure your ecosystem.
During this session, our experts will:
Identify gaps in your third-party risk management practices.
Recommend customized solutions to address vulnerabilities.
Help you align with industry standards and build stronger partnerships.
Book Your Free Consultation today and take the first step toward a secure and compliant third-party ecosystem
Our Insights
Explore our insights section to access a wealth of resources on cybersecurity healthcheck, including blogs, testimonials, whitepapers, case studies, and videos.
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FAQs
Vendors should be assessed based on their access to sensitive data, regulatory requirements, criticality to operations, and past security performance. Soffit helps prioritize vendors using a risk-based approach to ensure focus on the most impactful relationships.
A TPRA identifies and mitigates risks associated with third-party relationships, ensuring they meet your security standards and comply with regulations like GDPR, SOX, or HIPAA. This alignment safeguards sensitive data and supports organizational compliance goals.
If a vendor fails, Soffit provides remediation guidance, including actionable steps to address gaps. In cases of severe non-compliance, we recommend mitigation strategies like restricting access, renegotiating terms, or transitioning to alternative vendors.
We use non-intrusive methods such as security questionnaires, reviewing certifications (e.g., ISO 27001), and external assessments like penetration testing of shared systems. These practices maintain transparency while respecting vendor boundaries.
TPRAs ensure vendors adhere to data protection laws (e.g., GDPR, CCPA) by evaluating their controls for handling, processing, and securing data. This reduces the risk of non-compliance and associated penalties.
Typical risks include:
- Insufficient access controls.
- Weak data encryption practices.
- Lack of incident response planning.
- Unpatched software vulnerabilities.
- Inadequate compliance with regulatory standards.
Soffit helps identify and mitigate these vulnerabilities effectively.
Continuous monitoring ensures that third-party vendors maintain compliance and security standards over time. We use tools to track changes in vendor risk profiles, providing real-time insights and enabling proactive risk management.
Let’s Connect
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