Navar Technology Solutions Inc.

Third Party Vendor Risk Assesments

Third Party Vendor Risk Assesments

Third-party vendors can introduce significant security, compliance, and operational risks. These services help organizations evaluate and manage risks associated with external partners, suppliers, SaaS providers, and contractors.

1. Vendor Risk Management Program Development

Objective: Establish or enhance a sustainable, scalable third-party risk management (TPRM) framework.

  •  Program governance design (roles, responsibilities, risk tiers)
  •  Vendor lifecycle mapping (onboarding → monitoring → offboarding)
  •  Policy and procedure creation (TPRM, third-party access, incident reporting)
  •  Alignment with NIST, ISO 27001, SOC 2, SIG, and regulatory standards

2. Third-Party Risk Assessment Services

Objective: Assess vendors for cybersecurity, privacy, and compliance risks.

  •  Initial Due Diligence Assessments
    • Vendor security questionnaire review (SIG Lite, CAIQ, custom forms)
    • Document reviews (SOC 2 reports, ISO certifications, penetration tests, DPAs)
  •  Ongoing Vendor Risk Reviews
    • Periodic re-assessments for medium- and high-risk vendors
    • Continuous monitoring via third-party intelligence (e.g., BitSight, SecurityScorecard)
  •  On-site or Virtual Assessments (for high-risk vendors)

3. Risk Scoring & Tiering

Objective: Prioritize vendors based on inherent and residual risk.

  •  Risk-based vendor segmentation (critical, high, medium, low)
  •  Risk scoring based on data access, integration level, business impact
  •  Automated risk classification workflows (integrated with GRC or TPRM tools)

4. Security & Privacy Questionnaire Development and Review

Objective: Design and manage structured questionnaires to evaluate vendor security postures.

  •  Custom questionnaire creation based on industry and compliance needs
  •  Use of standards (SIG Core, SIG Lite, CAIQ, NIST 800-53, ISO 27001)
  •  Analysis of vendor responses, flagging of gaps and high-risk areas
  •  Integration with GRC tools (e.g., OneTrust, Archer, ProcessUnity)

5. Contract & SLA Security Review

Objective: Ensure legal agreements reflect security and compliance requirements.

  •  Review of data protection clauses, incident response, breach notification terms
  •  Support during contract negotiation (security schedule language)
  •  Mapping contract terms to regulatory frameworks (GDPR, CCPA, HIPAA, PCI)

6. Technical Validation and Evidence Review

Objective: Validate vendor claims with supporting artifacts and technical testing.

  •  Review of penetration test and vulnerability scan results
  •  Audit report validation (SOC 2 Type II, ISO 27001, PCI-DSS, etc.)
  •  Certificate and insurance verification
  •  Optional external scanning for exposed assets or misconfigurations

7. TPRM Platform Implementation & Automation

Objective: Streamline and scale third-party risk processes using technology.

  •  Implementation and configuration of platforms:
    • OneTrust, BitSight, ProcessUnity, RiskRecon, Archer, ServiceNow VRM
  •  Workflow automation for vendor onboarding and assessments
  •  Integration with procurement, legal, and IT systems

8. Continuous Monitoring & Intelligence Integration

Objective: Maintain visibility into vendor risk post-onboarding.