MorganHill is a trusted leader in providing comprehensive Third-Party Risk Management (TPRM) advisory services and solutions for organizations embarking on their ISO/IEC 27001 certification journey.  TPRM is the process of identifying, assessing, and mitigating risks arising from the use of third-party vendors, suppliers, contractors, and partners who have access to an organization's sensitive information or systems.

Even though ISO/IEC 27001 does not provide specific guidelines or requirements for third-party risk management, it does clearly emphasize the need for organizations to identify and assess risks associated with the use of external parties and implement controls to mitigate those risks. Here are some key considerations for implementing third-party risk management within the context of ISO/IEC 27001:

With MorganHill, we incorporate the following key considerations when developing a winning TPRM program for your organization:

• Vendor Selection: Develop a robust vendor selection process that includes evaluating the information security practices and controls of potential vendors. Consider factors such as their security certifications, past security incidents, and their ability to meet your organization's security requirements.
• Due Diligence: Conduct thorough due diligence on selected vendors to assess their information security controls, policies, and procedures. This may involve conducting security assessments, reviewing audit reports, and verifying compliance with relevant standards or regulations.
• Contractual Agreements: Establish clear contractual agreements with third parties that outline information security requirements, responsibilities, and expectations. This includes provisions for data protection, incident response, access controls, and confidentiality.
• Risk Assessment: Perform risk assessments specific to third-party relationships to identify potential risks and vulnerabilities. Consider factors such as the sensitivity of data shared, the level of access granted, and the potential impact of a security breach involving the third party.
• Ongoing Monitoring: Continuously monitor and review the security practices of third parties throughout the duration of the relationship. This can include regular security assessments, site visits, and requesting updated audit reports.
• Incident Response: Establish procedures for handling security incidents involving third parties. Define the roles and responsibilities of each party, communication protocols, and escalation processes.
• Termination and Exit Strategy: Plan for the termination of relationships with third parties and ensure the secure retrieval or destruction of any sensitive information shared with them.

Implementing a robust TPRM program within the broader context of ISO/IEC 27001 can help organizations maintain a strong security posture and ensure the protection of sensitive information shared with external parties.