Third Party Risk Program Development

Service Description

Mersli LLC develops and implements Third Party Risk Management (TPRM) programs to help organizations identify, assess, and mitigate risks associated with external providers. Our approach enhances compliance, operational resilience, and risk visibility, ensuring sustainable third party relationships. Service Delivery Approach 1. Program Assessment & Framework Development: ✔ Evaluate existing TPRM policies, procedures, and governance structures. ✔ Benchmark against industry standards (e.g., NIST, ISO 27001, OCC, FFIEC, GDPR, SEC, AI Act). ✔ Develop a customized TPRM framework aligned with business needs and regulatory oversight requirements. 2. Risk Assessment & Due Diligence Implementation We assess third party risks across seven key domains: ✔ Financial Risk – Stability, solvency, and creditworthiness. ✔ Resiliency Risk – Business continuity and disaster recovery. ✔ Compliance Risk – Regulatory adherence and industry standards. ✔ Privacy Risk – Data protection and compliance frameworks. ✔ Information Security Risk – Cybersecurity controls and threat management. ✔ Artificial Intelligence (AI) Risk – AI governance, bias mitigation, and compliance. ✔ Environmental, Social, and Governance (ESG) Risk – Sustainability and ethical practices. 3. Policy, Technology, & Training: ✔ Establish TPRM policies, onboarding/offboarding protocols, and escalation workflows. ✔ Implement TPRM technology solutions, integrating with GRC and cybersecurity tools. ✔ Provide training programs and workshops to enhance risk awareness and governance. 4. Ongoing Support & Optimization: ✔ Offer managed TPRM services, including risk assessments and regulatory updates. ✔ Conduct annual audits and maturity assessments to ensure continuous improvement. ✔ Align strategies with emerging risks, industry trends, and regulatory changes. Why Mersli LLC? ✅ Industry Expertise – Specialized in risk management, compliance, and third party governance. ✅ Comprehensive Risk Coverage – Across Financial, Resiliency, Compliance, Privacy, Information Security, AI, and ESG risks. ✅ Technology-Driven Efficiency – Automated and predictive solutions for risk oversight and reporting. ✅ Tailored Solutions – Scalable frameworks adapted to business needs. ✅ End-to-End Support – From program development to continuous monitoring.