CyberScore

TPRM Rankings

TPRM Frameworks

Industry Standards for Third-Party Risk Management

3+
Major Frameworks
100+
Control Objectives
Global
Standards

Understanding TPRM Frameworks

TPRM frameworks provide structured approaches to managing third-party risks. These frameworks help organizations establish consistent processes, identify potential risks, and implement effective controls across their vendor ecosystem.

Key Benefits of TPRM Frameworks

Risk Mitigation

Proactive identification and management of third-party risks

Compliance

Alignment with regulatory requirements and industry standards

Efficiency

Streamlined vendor assessment and monitoring processes

Trust

Enhanced confidence in vendor relationships

Choosing the Right Framework

Organizational Needs

  • Industry requirements
  • Company size
  • Risk appetite
  • Resource availability

Regulatory Requirements

  • Compliance obligations
  • Industry standards
  • Geographic considerations
  • Data protection requirements

Implementation Factors

  • Timeframe
  • Budget
  • Expertise
  • Scalability

ISO 27001

Information Security

ISO 27001 is the international standard for information security management systems (ISMS). It provides a systematic approach to managing sensitive company information, ensuring it remains secure.

Key Components

Information Security Policy

  • Documented security objectives
  • Management commitment
  • Roles and responsibilities

Risk Assessment

  • Asset identification
  • Threat assessment
  • Vulnerability analysis
  • Risk evaluation

Asset Management

  • Inventory of assets
  • Ownership classification
  • Acceptable use
  • Return of assets

Access Control

  • User registration
  • Privilege management
  • Password management
  • Review of access rights

Key Features

Risk Assessment & Treatment

Systematic approach to identifying and managing security risks

Security Controls

Comprehensive set of security measures and safeguards

Continuous Improvement

Regular review and enhancement of security measures

Documentation

Detailed records of security policies and procedures

114
Controls
14
Domains
Global
Recognition
3
Years

Implementation Guide

1

Define Scope

Establish boundaries and applicability of the ISMS

  • Identify organizational context
  • Define security objectives
  • Document scope statement
2

Risk Assessment

Identify and evaluate security risks

  • Asset identification
  • Threat assessment
  • Risk evaluation
3

Control Implementation

Select and implement security controls

  • Control selection
  • Implementation planning
  • Resource allocation

Certification Process

Documentation Review

Initial assessment of ISMS documentation

Stage 1 Audit

Documentation and readiness assessment

Stage 2 Audit

Implementation effectiveness assessment

Certification

Issuance of ISO 27001 certificate

NIST CSF

Cybersecurity

The NIST Cybersecurity Framework provides a policy framework of computer security guidance for how private sector organizations can assess and improve their ability to prevent, detect, and respond to cyber attacks.

Core Functions

Identify

  • Asset Management
  • Business Environment
  • Governance
  • Risk Assessment
  • Risk Management Strategy

Protect

  • Access Control
  • Awareness and Training
  • Data Security
  • Information Protection
  • Maintenance
  • Protective Technology

Detect

  • Anomalies and Events
  • Security Continuous Monitoring
  • Detection Processes

Respond

  • Response Planning
  • Communications
  • Analysis
  • Mitigation
  • Improvements

Recover

  • Recovery Planning
  • Improvements
  • Communications

Implementation Tiers

Tier 1: Partial

  • Limited awareness
  • Ad-hoc processes
  • Reactive approach

Tier 2: Risk-Informed

  • Risk awareness
  • Approved processes
  • External participation

Tier 3: Repeatable

  • Organization-wide approach
  • Formal policies
  • External collaboration

Tier 4: Adaptive

  • Continuous improvement
  • Advanced processes
  • Active sharing
5
Core Functions
23
Categories
108
Subcategories
4
Implementation Tiers

Implementation Guide

1

Prioritize and Scope

Identify business/mission objectives and high-level priorities

  • Define scope
  • Identify priorities
  • Establish goals
2

Orient

Identify related systems and assets, regulatory requirements, and overall risk approach

  • Asset identification
  • Regulatory review
  • Risk assessment
3

Create Current Profile

Develop a Current Profile by indicating which Category and Subcategory outcomes are currently being achieved

  • Gap analysis
  • Current state assessment
  • Documentation

COBIT

Governance

COBIT (Control Objectives for Information and Related Technologies) is a framework for developing, implementing, monitoring, and improving IT governance and management practices.

Core Components

Governance System

  • Principles
  • Policies
  • Processes
  • Organizational Structures
  • Culture
  • Practices

Design Factors

  • Enterprise Strategy
  • Enterprise Goals
  • Risk Profile
  • I&T Issues
  • Compliance Requirements

Focus Areas

  • Governance and Management
  • Processes
  • Organizational Structures
  • Culture
  • Information

Key Features

IT Governance

Comprehensive approach to IT governance and management

Risk Management

Integrated risk management approach

Value Delivery

Focus on business value and outcomes

Performance Measurement

Comprehensive performance metrics

40
Governance Objectives
5
Domains
Enterprise
Focus
Global
Standard

Implementation Guide

1

What are the Drivers?

Understand the business needs and requirements

  • Business objectives
  • Stakeholder needs
  • Regulatory requirements
2

Where are we now?

Assess current state and capabilities

  • Current processes
  • Capability assessment
  • Gap analysis
3

Where do we want to be?

Define target state and objectives

  • Target capabilities
  • Improvement objectives
  • Success criteria

Framework Comparison

ISO 27001

Focus Information Security
Certification Yes
Best For Comprehensive Security
Implementation Time 6-12 months
Cost Medium-High
Maintenance Annual audits

NIST CSF

Focus Cybersecurity
Certification No
Best For Risk Assessment
Implementation Time 3-6 months
Cost Low-Medium
Maintenance Continuous

COBIT

Focus IT Governance
Certification Yes
Best For Enterprise IT
Implementation Time 12-18 months
Cost High
Maintenance Continuous

Implementation Guide

1

Assessment

Evaluate your current TPRM maturity and identify gaps

  • Conduct current state analysis
  • Identify key stakeholders
  • Document existing processes
  • Assess resource capabilities
  • Review current controls
  • Identify compliance gaps
2

Selection

Choose the most appropriate framework for your needs

  • Evaluate framework requirements
  • Consider organizational needs
  • Assess resource requirements
  • Review compliance obligations
  • Analyze cost implications
  • Consider scalability
3

Planning

Develop a detailed implementation roadmap

  • Create project timeline
  • Define milestones
  • Allocate resources
  • Establish governance
  • Set success criteria
  • Develop communication plan
4

Execution

Implement controls and processes according to the framework

  • Deploy controls
  • Train personnel
  • Document procedures
  • Monitor progress
  • Address issues
  • Update documentation
5

Monitoring

Continuously assess and improve your TPRM program

  • Conduct regular reviews
  • Measure effectiveness
  • Update controls
  • Report to stakeholders
  • Address findings
  • Plan improvements

Best Practices

Stakeholder Engagement

  • Identify key stakeholders
  • Establish clear communication channels
  • Define roles and responsibilities
  • Regular status updates
  • Feedback mechanisms
  • Training programs

Risk Assessment

  • Regular risk evaluations
  • Document risk findings
  • Implement mitigation strategies
  • Monitor risk levels
  • Update risk profiles
  • Report risk status

Documentation

  • Maintain comprehensive records
  • Update policies regularly
  • Document procedures
  • Track changes
  • Version control
  • Access management

Continuous Improvement

  • Regular program reviews
  • Update controls as needed
  • Incorporate lessons learned
  • Stay current with standards
  • Benchmark performance
  • Implement improvements

Additional Resources

Documentation

Training

Tools