Third-Party Risk Management

In the financial industry, third-party risk management is not just an add-on, but a critical element associated with regulatory compliance. Under the watchful eye of authorities such as BaFin and driven by regulatory requirements such as MaRisk, companies must rigorously assess and monitor the partners that support their business. Whether it’s a cloud service provider or a key data processor, any external relationship can have vulnerabilities that impact security, compliance and market integrity. By adhering to these strict regulations, companies not only minimize risk, but also demonstrate their commitment to integrity, reliability and customer trust.

Regulatory Compliance Gap Analysis

We identify and address discrepancies between organizations´
current third-party practices and the regulatory requirements or
industry standards. This analysis helps organizations ensure they are fully compliant with relevant laws, regulations, and guidelines, thereby mitigating risks associated with non-compliance. We support you with development of an action plan required to close all gaps.

Third-Party Risk Assessment

We provide you with a systematic view used to evaluate and
manage the risks of engaging with third-party vendors, suppliers,
contractors, and service providers. This assessment is crucial for ensuring that third-party relationships do not introduce unacceptable risks to the organization, including operational, financial, compliance,
reputational, and strategic risks.

Outsourcing Policy Development and Operation

An outsourcing policy provides a structured framework for evaluating, engaging, managing, and monitoring third-party vendors, ensuring that outsourcing initiatives deliver value without compromising security, compliance, or quality. We provide you with a policy that includes the following processes: Due diligence, Approval, regular monitoring and termination. We specifically define the governance system and roles and responsibilities.

Solution Implementation

We stand beside you in selection and implementation of a robust TPRM solution which suit your organization needs best. We list your priorities and run a comprehensive market research to select the best suited solution. Once selected, we support you in migration phase and ensure full integration of new solution in your current processes. Throughout the implementation phase we provide you technical
support in terms of data management, testing and tuning.

WIACON understands the unique requirements of third-party risk management in a highly regulated environment. We combine years of industry expertise with in-depth regulatory knowledge – to develop and strengthen your risk frameworks. Our tailored strategies ensure that all relationships with providers are tightly controlled, transparent and compliant. This allows your business to operate safely and confidently in an evolving and challenging financial landscape.

Third-Party Risk Management

Third-Party Risk Management

AFC News

ESG News