Third Party Risk Management

Third Party Risk Management

A One-Week TPRM Diagnostic
Mapped to Regulatory Requirements

TPRM Consulting Ltd offers a one-week Proof of Value diagnostic designed to assess a selected area of a client’s third-party risk framework against current regulatory expectations and mature market practices.

Each review is evidence-based, tightly scoped and focused on providing senior stakeholders with a clear view of current-state maturity, control effectiveness and practical next steps.

Rather than a generic health check, the diagnostic provides a focused assessment of whether third-party risk controls, governance arrangements and supporting documentation are operating effectively and are capable of meeting regulatory expectations, audit scrutiny and management oversight requirements.

TPRM
PoV
Criticality
Assessment
Supplier
Due Diligence
Continuous
Monitoring
On-site
Inspection
Readiness
Remediation
and Issue closure
Supplier Register /
Inventory reviews
Concentration
Risk
Exit, Resilience
and Continuity

Proof of Value Review Areas

01
Third-Party Onboarding & Criticality Assessment
Assesses onboarding controls, supplier criticality, screening and approval logic, and whether onboarding decisions are supportable against regulatory expectations for outsourced and ICT-related services.
Regulatory Anchor
  • DORA – criticality and risk classification functions
  • EBA Outsourcing Guidelines – pre-outsourcing analysis and materiality assessment
  • PRA SS2/21 – materiality and lifecycle governance
02
Supplier Due Diligence & Suitability Review
Assesses evidence-led due diligence covering financial, operational, security, privacy, legal and reputational risk, including the suitability of higher-risk suppliers.
Regulatory Anchor
  • DORA – risk analysis and due diligence of ICT providers
  • EBA Outsourcing Guidelines – suitability review
  • PRA SS2/21 – assessment and due diligence of third parties
03
Continuous Monitoring & Ongoing Oversight
Assesses whether third-party monitoring is continuous, risk-based and capable of identifying emerging issues early enough to enable effective management action.
Regulatory Anchor
  • DORA – ongoing ICT third-party risk monitoring
  • EBA Outsourcing Guidelines – ongoing monitoring and periodic review
  • PRA SS2/21 – governance and ongoing oversight of third parties
04
Control Validation via Remote / Onsite Inspection
Assesses whether supplier controls can be independently validated through inspection, evidence review and practical assurance activity.
Regulatory Anchor
  • DORA – contractual rights to audit, access and testing
  • EBA Outsourcing Guidelines – audit and access rights and independent review
  • PRA SS2/21 – access, audit and information rights
05
Remediation & Issue Closure Review
Assesses whether issues are appropriately triaged, escalated, tracked and evidenced through to closure.
Regulatory Anchor
  • DORA – governance, recovery and remediation of weaknesses
  • EBA Outsourcing Guidelines – follow-up and corrective action
  • PRA SS2/21 – control failures, remediation and governance
06
Supplier Register, Inventory & Documentation Review
Assesses whether the organisation maintains a complete supplier inventory and supporting documentation capable of withstanding governance, audit and supervisory challenge.
Regulatory Anchor
  • DORA – register of information on ICT third-party arrangements
  • EBA Outsourcing Guidelines – outsourcing documentation
  • PRA SS2/21 – record keeping and third-party inventories
07
Concentration Risk & Nth-Party Dependency Review
Assesses whether provider concentration, subcontracted exposures, substitutability limitations and dependency risks can be identified, quantified and managed effectively.
Regulatory Anchor
  • DORA – ICT concentration risk and subcontracting risk
  • EBA Outsourcing Guidelines – concentration and substitutability risk
  • PRA SS2/21 – sub-outsourcing and operational resilience
08
Exit, Resilience & Continuity Readiness Review
Assesses whether the organisation can exit, transfer or recover from the failure of a critical supplier without material disruption to important business services.
Regulatory Anchor
  • DORA – exit strategies, continuity and recovery of ICT services
  • EBA Outsourcing Guidelines – exit plans and business continuity
  • PRA SS2/21 – business continuity and exit strategies

What Clients Receive

A Focused Current-State Maturity Assessment
An evidence-based view of how the selected capability is operating today, including strengths and gaps.
A View of Alignment to Regulatory Expectations
Assessment of how current controls and supporting evidence align to relevant regulatory expectations.
Clear Observations on Strengths, Gaps and Priority Risks
Specific findings relating to control weaknesses, blind spots, and areas of elevated third-party risk.
Practical Next-Step Recommendations
Prioritised recommendations designed to support decision-making and remediation planning.

INTENDED AUDIENCE

Regulated and high-risk organisations seeking a practical, evidence-based view of specific third-party risk capabilities without the time, cost and complexity of a full programme review.