TPRM automation improves vendor assessment process
Snapshot
Scaling vendor assessments with TPRM automation
Third-party risk management (TPRM) systems allow organizations to minimize vulnerabilities associated with their vendors. For nonprofits, protecting intellectual property is just as critical as safeguarding customer or donor information. TPRM automation enables organizations to assess suppliers more effectively and accurately.
Kalles Group partnered with a global nonprofit to address challenges in scaling supplier evaluations. By implementing a modern TPRM solution, the nonprofit was able to streamline processes, automate tasks, and improve the accuracy of risk assessments for its diverse vendor relationships.
Challenge
Unique requirements for nonprofit vendor risk assessments
Unlike traditional businesses, nonprofits often focus on safeguarding intellectual property and sensitive research data. The nonprofit required TPRM tools capable of customizing assessments based on standards like the NIST Cybersecurity Framework. Challenges included:
- Outdated systems that limited functionality and scalability.
- Lack of a unified record-keeping tool for supplier assessments.
- Varied risk tolerance levels across organizational entities.
- Manual workflows leading to inefficiencies in data management.
Overcoming these obstacles required a strategic approach to data migration, system integration, and process automation.
Approach
Implementing a scalable TPRM solution
Kalles Group began by analyzing the organization’s existing workflows and identifying key areas for improvement. The team prioritized roles, permissions, and workflow configurations within the TPRM tool. Actions taken included:
- Importing supplier data from legacy systems and normalizing records.
- Developing automated workflows and self-service portals.
- Training business owners on assessment tools and processes.
- Integrating third-party tools for enhanced cybersecurity evaluation.
Over time, the organization expanded its vendor evaluations to cover more suppliers each month. Advanced functionality, such as risk algorithms tied to custom questionnaires, further streamlined the assessment process.
Results
Improved scalability and efficiency in vendor risk management
The new TPRM tool provided the nonprofit with a scalable and automated assessment process. Results included:
- Faster and more accurate vendor evaluations.
- Streamlined workflows, reducing reliance on manual tasks.
- Greater alignment with cybersecurity frameworks and regulatory requirements.
With TPRM automation in place, the nonprofit strengthened its risk management processes and ensured greater protection of its intellectual property.
Take the next step in vendor risk management
Ready to improve your TPRM process? Our team is here to help. Contact us today to discuss how we can streamline your vendor assessments and enhance your security posture.