The SQ Third-Party Risk Management (“SQ-TPRM”) includes custom third-party management and assessing activities based on the level of associated risk for each of the identified vendor relationships. The SQ-TPRM has established a 5 stage model to meet OCC guidance and other industry best practices.
· Identify Third-Party relationships
· Establish Third-Party Risk criteria specific to your business
· Gather Information to understand Third-Party controls and culture
· Conduct Assessments of your Third-Party relationships
· Build the relationship with your Third-Parties to address identified risk
SQ-TPRM to achieve success include ongoing processes that if done properly, can strengthen the established vendor relationship, reducing overall risk, to the benefit of both parties. SQ Risk, as an impartial TPRM subject matter expert, establishes objectivity in the third-party assessing process. Risks can be identified, mitigating controls reviewed, and if necessary additional action plans to further mitigate gaps developed and discussed with the partners.
SQ-TPRM will include 12 months of calendared activities customized to SQ Risk Customer’s needs inclusive of all components and activities of the 5 stage Third Party Risk Management Program.