Third-Party Risk Management solution (TPRM) also known as 3PRM™

The solution includes establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers, customers, and other sources worldwide that seek potential affiliations with your organisation.

If your organisation require any of the following within your compliance checklist, then you must consider a third-party risk management solution:
  • Have a lack of visibility or understanding danger of the risks posed by your relationships with many types of third parties?
  • Want greater visibility into third-party performance and risks?
  • Need to improve operational costs, process, efficiencies, and organisational agility associated with your third-party relationships?
  • Need to gain greater control over the related risks?
  • Want to be confident that third parties are compliant with your business’ policies, as well as their own—based on government regulations and industry requirements?

 

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CRI® Group’s own exclusive, expert-developed 3PRM™ services help you proactively mitigate risks from third-party affiliations, protecting your organisation from liability, brand damage, and harm to the business.

Whether your organisation has a large, well-established third-party program, is in the early stages of development, or is anywhere in between, the 3PRM™ solution can improve the health of your program and future-proof your entire business in many forms.

Our 3PRM™ solution streamlines the third-party risk management process through scalability and efficiencies – from third-party risk identification to assessment. What sets us apart is that our 3PRM™ solution includes:

Our solution is flexible and responsive to the various risk domains that are most important to your business, from cybersecurity to anti-bribery. With a network of trained professionals positioned across five continents, CRI® Group’s 3PRM™ services utilise one of the largest multi-national fraud investigation teams the industry has to offer.

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  • Supplier and vendor information management
  • Corporate and social responsibility compliance
  • Supplier Risk Management
  • IT vendor risk
  • Performance measurement
  • Contract risk management
The role or size of the third party is not as important as the nature of the relationship they have with your business. Think of your third-party level of access to your sensitive data or your property! A cleaning company with access to your filing cabinet represents a different but still significant risk. And remember, you are accountable for the inappropriate actions of any of your third parties.

3PRM™ is especially critical when your business:

  • Performs pre-merger & acquisition research
  • Conducts due diligence
  • Engages new clients
  • Employs, contracts or retains foreign business partners
  • Requires a consistent & audit-worthy anti-money laundering & anti-corruption compliance program

When implementing 3PRM™, you can focus on:

  • Providing third-party risk assessments
  • Meeting contracting requirements
  • Conducting integrity due diligence
  • Providing management oversight

And avoid:

  • Merging with an international business embroiled in behind-the-scenes legal battles
  • Getting caught up in making procurement decisions involving the inappropriate influence of government officials who were slated to receive kickbacks
  • Partnering with organisations that are potential credit risks, have claimed bankruptcy, have dissolved stated companies or are faced with debtor filings.
  • Awarding work to an overseas contractor with absolutely no prior experience
  • Affiliating with a contracting company owned by a politician with significant influence on future awards

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Our full 3PRM™ suite of services can help you transform, implement & manage third-party risk management efforts:

Diagnose, develop & enhance your program or function around:

  • Governance & oversight
  • Policies & standards
  • Third-party inventory
  • Risk approach & models
  • 3PRM™ processes & assessment frameworks

Profile third parties and assess their risk and controls leveraging your framework or ours, covering:

  • Risk profiling
  • Global onsite and remote-control assessment execution across all risk domains (e.g., cyber, resiliency, financial health and regulatory compliance)
  • Analytics and reporting

Manage third-party risk processes across the relationship life cycle to provide:

  • Pre-developed risk models, review criteria and reporting
  • Risk profiling/third-party inventory
  • End-to-end third-party oversight and governance
  • Global onsite and remote-control assessment execution across all risk domains (e. g., cyber, resiliency, financial health and regulatory compliance)

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  • CRI® has one of the largest, most experienced, and best-trained integrity due diligence teams globally.
  • We have a flat structure which means that you will have direct access to senior members of staff throughout the due diligence process.
  • Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, and we’re committed to maintaining and constantly evolving our global network.
  • Our 3PRM™ service is flexible, and we will tailor our scope to address your concerns and risk areas, saving you time and money.
  • Our extensive solutions include due diligence, employee pre and post background screening, business intelligence, and compliance, facilitating any decision-making across your business no matter what area or department.

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CASE STUDY

Europe's Horse Meat Scandal was a Warning for Due Diligence – Lessons Learned

Europe’s Horse Meat Scandal was a Warning for Due Diligence – Lessons Learned

The 2013 scandal in Europe over the inclusion of horse meat in food products purchased by consumers who believed they were 100 per cent beef turned a spotlight on the importance of oversight in the corporate supply chain. The scandal began when Irish authorities found traces of horse DNA in “value-based” frozen beef burgers made by processors in Ireland and Britain and sold in Tesco, Aldi, and other major supermarkets across Europe. Further testing also showed the presence of pig DNA in the beef burger samples.

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YOUR 3PRM™ EXPERTS

KEY INDUSTRIES

Food & Beverage

The Food & Beverage Industry is the fastest-moving industry in regards to changes. Consumer tastes, preferences, packaging, manufacturing, storage, and transportation are constantly changing, challenging the industry. It has been years since the news of...

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Automotive

The automotive industry is the world's largest economic sector by revenue. And the uncertainty and risk in this global industry are never-ending. It faces uncertain times as the specter of a trade war between countries...

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Aviation

The aviation industry is facing a series of challenges that must be addressed in order to sustain profitable growth. Over the course of the next 20 years, the global commercial aircraft fleet is expected to...

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Insurance

The insurance sector is made up of companies that offer risk management in the form of insurance contracts. As an industry, insurance is regarded as a slow-growing, safe sector for investors. Every type of insurance...

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Property

The property industry involves real estate (including land and buildings/structures) and other tangible properties, and can also include mineral rights and other resources. Unfortunately, for as long as there has been a market for buying...

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IT & Telecommunications

IT (Internet technology) and telecommunications industry providers are the engines that help power commerce on a global scale. This massive industry includes companies that provide the infrastructure for communication across multiple countries and continents, including...

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Finance & Professional services

Fraud is of the utmost concern for finance and professional services organisations. These include banks & financial institutions, real estate lenders, business credit and finance companies, commercial investment corporations, asset-based lenders, debt financing firms, acquisition...

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Pharmaceutical & Healthcare

Fraud involving pharmaceutical companies and healthcare providers constitutes a major source of economic waste affecting countries around the world. In spite of increased awareness of the problem and the application of sophisticated anti-fraud mechanisms, individual actors and...

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Oil, Gas & Energy

The oil, gas & energy industry is a massive portion of the world’s economy, dealing mainly in petroleum – including upstream (exploration, development, and production of crude oil or natural gas) and downstream (oil tankers,...

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Newly published whitepapers examine corruption laws and fraud

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