What will it do for my business?
Triplicity has an easy step-by-step process that enables you to fully understand and manage your organisation’s risk related to third parties. For a complete overview, see the adjacent video.REQUEST DEMO
Triplicity Software Automates Third Party Risk Management
This is an ongoing process which identifies, assesses, reports, remediates and monitors all third-party risks over an entire lifecycle.
Step 1: Third party identification
This is a manual process. All companies, regardless of size or effort, need to identify and list all their third parties.
Step 2: Third party risk profiling
Triplicity is an IT Vendor Risk Management (IVRM) solution with a difference. We first profile each third party to provide their inherent risk specific to your business. The program leverages data analytics, business intelligence, security and regulatory frameworks.
Step 3: Third party risk assessment
This is important in determining actual residual risk. The Triplicity workflow will trigger the required assessment based on the inherent risk determined in Step 2. Typical examples: a signed declaration, a self-assessment for a medium profiled vendor, or a self-assessment with supporting evidence for very high risk third-party vendors.
Step 4: Third party risk reporting
This step identifies third-party vendors that are strategic to the business, but which do not adhere to the correct industry-recognised standards for information security, information privacy, anti-bribery & corruption, and practices to counter international money laundering.
Step 5: Third party remediation
The final step in which Triplicity makes it possible for you to mitigate identified risks regarding your third-party affiliations, providing business intelligence as to which vendors are meeting good governance standards and protecting your customers’ data.
Triplicity Built-in Assessments
Third Party Risk Management (TPRM) is still in its infancy, with only a handful of people able to implement it properly. Due to this current lack of expertise, the implementation of a TPRM programme is usually manual and ad hoc at best.
Triplicity provides built-in frameworks and processes that allow anyone to implement a successful programme. Our software will improve your organisation’s performance by allowing thousands of third party assessments to be completed simultaneously, ensuring in turn that all your third parties are covered. Improve the quality of your TPRM programme by using Triplicity.
Triplicity has a template questionnaire of 43 questions across 14 Domains. This helps you assess your third parties’ information security maturity levels. The questionnaire is based on the ISO 27002 standards.
Triplicity also provides a detailed privacy questionnaire in line with international privacy legislation. This can be used to directly address South African privacy requirements (POPIA) as well as the GDPR.
Businesses bear accountability for activities involving both their internal and their external relationships. The Triplicity ABC questionnaire ensures your third parties know your stance. It also ensures your third parties conduct regular training and provide you with proof.
Triplicity provides a questionnaire that will help your business determine a third party’s ability to secure credit card data.
Ensure your third parties are maintaining key critical standards according to contractual and legal obligations, by developing specific weighted questionnaires that track the effective implementation of business controls.
Keep all contracts and addendums close at hand. Track renewal and expiry of all contracts.