WHAT IS PHAST-START: THIRD-PARTY RISK MANAGEMENT?
With Phinity, businesses can quickly and efficiently improve their TPRM processes and gain a deeper understanding of third-party risks. Our approach allows for a smooth transition from an immature TPRM process to a well-defined, automated process with actionable data in just four weeks.
Through our TPRM Phast-Start solution, you get access to the Phinity Third Party Risk Management (TPRM) Professional solution for 12 months, as well as 80 hours of professional services from one of our partners to configure and implement the solution within your organisation – all for a set fee of €15,000.
WHAT DO I GET FOR €15 000?
Phinity TPRM Professional License (12 months):
- Setup and customisation (including logos, email templates, custom roles, etc)
- Standard assessment library and assessment editor
- Customisable scoring and risk rating
- Email template designer
- Customisable workflows and campaigns to manage your assessments
- Risk profile insights
- Dashboard reporting
Professional Services (approx. 80 hours):
- Define and agree TPRM framework and process
- Risk profile questionnaire finalisation
- Information Security or Privacy control assessment questionnaire finalisation
- Import 25 third parties / vendors
- Run risk profiling for 10 third parties / vendors
- Run evaluation of the controls for 5 third parties / vendors
- Training of 3 customer personnel (1 session)
THERE ARE FIVE STEPS TO PHAST-START YOUR TPRM:
STEP 1: IDENTIFY
Our professional services partner will understand your organisational landscape and provide a proven TPRM framework, customised and adapted to your organisation.
STEP 2: DIGITISE
We will upload the information for twenty-five third parties into the Phinity platform, configure our profiling and controls assessments, and set up custom roles for organisational users.
STEP 3: ASSESS
We will perform a profiling assessment of the twenty-five selected third parties and five control assessments of the highest risk rated third parties. We will set up automated workflows and, in so doing, determine a sustainable process that can be followed in the future.
STEP 4: REPORT
We will track the progress of the risk profiling and control assessments and provide feedback on status and risk results during the project.
STEP 5: REMEDIATE
We will guide organisational users and assist them in following up with the third parties to remediate any risks identified.
WHY CHOOSE PHINITY?
The Phinity TPRM Phast-Start has many benefits for your organisation:
IDENTIFICATION FOR THE
TWENTY-FIVE THIRD PARTIES
CLEAR EVIDENCE OF THE IMPLEMENTATION OF A TPRM PROGRAMME
CONTINUE THE TPRM PROCESS BEYOND THE PHAST-START PHASE