Third-Party & Vendor Risk Management

Identify, assess, and manage risks introduced by vendors, partners, and service providers through structured, scalable risk management practices.

Why Third-Party Risk Matters

Organizations increasingly rely on third parties for critical services, technology, and data processing. While this enables efficiency and scale, it also introduces significant cyber, operational, and compliance risks.

Regulators and auditors now expect organizations to demonstrate consistent oversight of vendor risks throughout the vendor lifecycle.

  • Reduced exposure from vendor-related incidents
  • Defensible vendor oversight for audits
  • Improved visibility into supply chain risks
  • Alignment with regulatory expectations

Our Vendor Risk Management Approach

We help organizations establish practical third-party risk management programs that scale with the business and integrate seamlessly with governance, risk, and compliance processes.

  • Vendor risk segmentation and tiering
  • Due diligence and onboarding assessments
  • Security and compliance questionnaires
  • Contractual control and SLA reviews
  • Ongoing monitoring and reassessments

Key Deliverables

Our deliverables provide clear structure, traceability, and audit-ready evidence for third-party risk oversight.

  • Third-party risk management framework
  • Vendor risk tiering model
  • Due diligence questionnaires
  • Vendor risk register
  • Monitoring and reassessment plans

Who This Service Is For

This service is designed for organizations that depend on third parties to deliver critical business or technology services.

  • Regulated and compliance-driven organizations
  • Organizations outsourcing IT or data processing
  • Companies scaling vendor ecosystems
  • Leadership teams seeking vendor risk visibility

Our Vendor Risk Management Process

A structured lifecycle approach to managing third-party risk.

01

Inventory & Classification

Identify vendors and classify them by risk.

02

Due Diligence

Assess security, compliance, and operational controls.

03

Risk Evaluation

Evaluate risk severity and control gaps.

04

Contract Controls

Review and define contractual security requirements.

05

Ongoing Monitoring

Track vendor risks over time.

06

Reassessment

Re-evaluate vendors as risks or scope change.

Take Control of Your Third-Party Risk

Work with Falcon Oaks to build a scalable, defensible vendor risk management program aligned with regulatory expectations.