Third-Party Risk Management

SQ Third-Party Risk Management (“SQ-TPRM”) includes custom third-party management and assessing activities based on the level of associated risk for each vendor relationship. The SQ-TPRM program has established a five-stage model to meet OCC guidance and other industry best practices.

  • Identify Third-Party relationships
  • Establish Third-Party Risk Criteria
  • Gather Information to understand Third-Party controls and culture
  • Conduct Risk Assessments of Third-Parties
  • Enhance Third-Party relationships through the process

SQ-TPRM is a series of ongoing activities to strengthen the established vendor relationship and reduce overall risk. SQ Risk offers impartial TPRM subject matter expertise, which establishes objectivity in the third-party assessing process. Risks identified, mitigating controls reviewed, and if necessary additional action plans developed to further mitigate risk in the relationship.

SQ-TPRM includes calendared actions customized to client needs inclusive of all components and activities within the five-stage Third Party Risk Management Program.