Third-Party Risk Management
Not a fan of risky business? Identify, evaluate, and monitor vendor risk with Drata’s all-in-one third-party risk management (TPRM) so you can be confident in the vendors you work with.
Stay Informed
Gain Confidence in Your Vendors’ Security
With 83% of companies facing negative consequences from TPRM processes, it’s crucial to reduce blindspots, know who you’re doing business with, and improve how you manage risk.
Populate your vendor directory and keep it up to date to have a complete picture of your vendor ecosystem and the risks they pose to your organization so you can make informed decisions.
Simplify Your Process
Manage All Your Risk, All in One Place
With all your vendor information in one place, you can streamline the risk management process and minimize human error.
Automate the way you assess potential impacts of vendors, and easily identify your highest risk vendors. Identify and track Vendor Risks, including impact, likelihood, and treatment plan, as part of your organizational risk management program. Document and report vendor information to auditors without the hassle of managing multiple spreadsheets and tools.
See Third-Party Risk Trends
Get the 2023 Risk Trends Report to learn trends and pressing issues surrounding third-party risk and processes to manage it.
Gain Peace of Mind
Avoid Surprises with Proactive Monitoring
Risks don’t stop. So neither should your risk management. Proactively address vendor performance by conducting security reviews, sending custom security questionnaires based on vendor impact, and setting reminders for your next security review. With this proactive process, you can quickly spot and mitigate new security gaps before they become more significant issues.
Streamline Reviews
Summarize Vendor Security Questionnaire Responses with Drata AI
Risky business has met its match. Use Drata AI to summarize the vendor security questionnaire responses you’ve received—either inside or outside of Drata—to quickly determine whether vendors meet your teams’ security standards and identify potential risk. Then, easily share to communicate your findings with internal stakeholders.
Here’s What You Can Do with Third-Party Risk Management
Identify Third Parties
Using Okta SSO, we populate your Vendor Directory so you have a single source of truth of your vendors' security information.
Keep Your Vendor Directory up to Date
Bulk Upload quickly adds vendors to your Vendor Directory, while Bulk Update easily populates new info across multiple vendors.
Achieve Compliance
Meet compliance requirements by documenting your vendors’ security reports, certifications, and share with auditors.
Assign Vendor Impact
Standardize the way you assess vendor impact and analyze potential security threats with automated impact analysis.
Send & Review Questionnaires
Gain deeper insight into your vendors’ risk posture, then review questionnaire responses and take action on their responses.
Use Drata AI-Generated Summaries
Quickly understand security questionnaire responses to identify potential vendor risks, and share with internal stakeholders.
Evaluate & Manage Risks
Monitor vendor risks and track them as part of your organization’s Risk Register.
Report to Stakeholders
Easily interpret and share the current state of your vendor risk management program to your C-suite.
Drata helps us extract meaningful insights from across our vendor ecosystem, and prioritize time-sensitive tasks. Our team is able to formalize the tracking and management of third-party related risks and consolidate this workflow into one tool, so that we can remain vigilant in keeping our security program running smoothly.
Drata is turn key enough for us to use to operate our security posture without having to be a security expert. Having insights about our vendors enables us to quickly visualize the distribution of vendors across our key business units, where they are in the vendor lifecycle, and take action on most urgent vendor reviews.
Jiitterbit works with dozens of third-party vendors requiring constant vigilance alongside other time-sensitive tasks. Drata’s Third-Party Risk Management automates and consolidates key pieces of the process so we can take a proactive approach to managing risks while keeping our security program running smoothly.
Drata’s TPRM solution is thoughtfully designed giving us an easy way to identify, monitor, and evaluate the ongoing third-party risks of our clients’ vendors and track them alongside our clients' uncovered internal risks. Drata offers insights that make it easy for us to understand and communicate at-risk vendors, especially for our clients who manage high volumes of vendors.
Drata’s level of automation gave us invaluable time savings. The sooner you work with Drata, the easier compliance will be as your company grows.
The promise of automation has long been discussed in the compliance world, but never truly realized. Drata has turned that into reality.
Drata was an instantaneous value add for us as a scaling company. Their product combined with their personal touch allow us to expand our compliance capabilities faster than we could have without it!
Drata helps us extract meaningful insights from across our vendor ecosystem, and prioritize time-sensitive tasks. Our team is able to formalize the tracking and management of third-party related risks and consolidate this workflow into one tool, so that we can remain vigilant in keeping our security program running smoothly.
Drata is turn key enough for us to use to operate our security posture without having to be a security expert. Having insights about our vendors enables us to quickly visualize the distribution of vendors across our key business units, where they are in the vendor lifecycle, and take action on most urgent vendor reviews.
Jiitterbit works with dozens of third-party vendors requiring constant vigilance alongside other time-sensitive tasks. Drata’s Third-Party Risk Management automates and consolidates key pieces of the process so we can take a proactive approach to managing risks while keeping our security program running smoothly.
Drata’s TPRM solution is thoughtfully designed giving us an easy way to identify, monitor, and evaluate the ongoing third-party risks of our clients’ vendors and track them alongside our clients' uncovered internal risks. Drata offers insights that make it easy for us to understand and communicate at-risk vendors, especially for our clients who manage high volumes of vendors.
Drata’s level of automation gave us invaluable time savings. The sooner you work with Drata, the easier compliance will be as your company grows.
The promise of automation has long been discussed in the compliance world, but never truly realized. Drata has turned that into reality.
Drata was an instantaneous value add for us as a scaling company. Their product combined with their personal touch allow us to expand our compliance capabilities faster than we could have without it!
Blog
Creating + Maintaining a Vendor Management Policy
Learn how to control the security and compliance risks of your company’s third-party relationships with a robust vendor management policy.
Blog
Beginner’s Guide to Third-Party Risk Management
Third-party risk management helps bring your external risks under control and lets you address security, financial, legal, and compliance risks.
Be Confident with Your Vendors
Identify, evaluate, and monitor third-party risk with Drata
Frequently Asked Questions About Third Party Risk Management
What is third-party risk management?
Third-party risk management is the process of identifying and mitigating risks created when working with outside organizations. It is a proactive solution to risk control, which provides the framework, policies, and procedures you need to evaluate new and existing third-party partnerships.
How do I get started with building a third-party risk management program?
Here's a simple three-step TPRM process to ensure your company is mitigating third-party risk when possible:
Review and revise existing risk policies. Keep third-party exposure in mind. Be sure to consider how third parties can impact regulatory and other compliance requirements.
Conduct an audit of third-party relationships. Extend this review beyond your formal purchasing contracts. Consider open-source dependencies, workgroup-level relationships, and shadow IT. Understand the risks created by these relationships.
Draft internal and external TPRM policies. Supplement these policies with compliance expectations for specific business units.
What are the stages of third party risk management?
Evaluation: Assess a third party’s ability to manage and mitigate risk.
Onboarding: Obtain formal agreements with specific compliance expectations.
Monitoring: Evaluate third-party security and risk management systems regularly.
Maintenance: Update policies and respond to risks as they are identified.
Offboarding: Sever system integrations and destroy or return business records.
How do you mitigate vendor risk?
Vendor risk can be mitigated by having a third-party risk management program. An effective third-party risk management program reduces:
Cost: Organizations develop proactive measures to prevent or mitigate financial risks.
Compliance risks: A TPRM framework identifies legal risks and helps develop controls and contingencies.
Confusion: Risk management increases organizational visibility across all relationship stages.
In addition, an effective TPRM program increases security, trust and reporting capabilities.
How do you determine vendor risk?
The risks associated with your vendors would be any that you have discovered during your security review process of the vendor that you are monitoring, tracking, treating or accepting as you are in business with this vendor. These typically fall into the categories of Profiled Risk, Inherent Risk, or Residual Risk. For example: “Vendor has a password policy that does not meet our internal policy requirements for passwords.”
Once a risk is identified, determine the appropriate treatment plan. In the example above, this might be: “Vendor will implement stronger password policy by Q1/Q2.
Automate Your Journey
Drata's platform experience is designed by security and compliance experts so you don't have to be one.
