In today’s highly interconnected world, third-party relationships have become integral to an organization’s success — from cloud providers and IT consultants to logistics partners and customer service vendors. However, this reliance comes at a cost: third-party risk is now enterprise risk.
As we move through 2025, Third-Party Risk Management (TPRM) is undergoing a transformation. No longer just a compliance requirement or a siloed function, TPRM is fast becoming a strategic enabler of business resilience, performance, and reputation. The future belongs to organizations that don’t just manage vendor risk but use it as a lever to build trust, agility, and competitive advantage.
📈 The Evolving Landscape of Third-Party Risk
The TPRM ecosystem has changed significantly in the last few years. The traditional model — periodic assessments, static questionnaires, and reactive monitoring — is no longer sufficient. Let’s look at the key drivers of this evolution:
1. 🚨 Cybersecurity Threats on the Rise
High-profile supply chain attacks like SolarWinds, Kaseya, and MOVEit have demonstrated that a weak link in the supply chain can compromise entire enterprises. Attackers now target third parties because of their often lower cybersecurity maturity. Organizations must now evaluate the security posture of vendors continuously — not just during onboarding.
2. ⚖️ Regulatory Expectations Are Increasing
Regulators around the world — including the Reserve Bank of India (RBI), European Banking Authority (EBA), Monetary Authority of Singapore (MAS), and others — are mandating formal third-party governance frameworks. Guidelines emphasize:
- Risk-based segmentation of vendors
- Real-time monitoring and reporting
- ESG (Environmental, Social, Governance) compliance
- Exit planning and resilience testing
Non-compliance can result in hefty penalties and reputational damage.
3. 🌱 ESG, Sustainability & Ethical Sourcing
Organizations are increasingly held accountable for their vendors’ environmental, labor, and governance practices. A vendor violating labor laws or engaging in environmentally harmful activities can tarnish your brand. This has led to a growing need for ESG risk assessments, audits, and disclosures as part of TPRM programs.
4. 📉 Financial Health and Business Continuity
Vendor bankruptcies, insolvencies, or operational shutdowns (e.g., during COVID-19) have highlighted the need for resilience-based risk metrics — including financial viability, operational capacity, and geographic dependency.
5. 🧠 AI, Automation, and Data-Driven Risk Intelligence
Modern TPRM platforms leverage AI/ML, robotic process automation (RPA), and third-party data sources to continuously score and monitor vendors in real time. These systems help identify emerging risks before they materialize into business disruptio
About us:
We are Timus Consulting Services, a fast-growing, premium Governance, Risk, and compliance (GRC) consulting firm, with a specialization in the GRC implementation, customization, and support.
Our team has consolidated experience of more than 15 years working with financial majors across the globe. Our team is comprised of experienced GRC and technology professionals that have an average of 10 years of experience. Our services include:
- GRC implementation, enhancement, customization, Development / Delivery
- GRC Training
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Our team:
Our team (consultants in their previous roles) have worked on some of the major OpenPages projects for fortune 500 clients across the globe. Over the past year, we have experienced rapid growth and as of now we have a team of 15+ experienced and fully certified OpenPages consultants, OpenPages QA and OpenPages lead/architects at all experience levels.
Our key strengths:
Our expertise lies in covering the length and breadth of the IBM OpenPages GRC platform. We specialize in:
- Expert business consulting in GRC domain including use cases like Operational Risk Management, Internal Audit Management, Third party risk management, IT Governance amongst others
- OpenPages GRC platform customization and third-party integration
- Building custom business solutions on OpenPages GRC platform
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Feel free to reach out to us for any of your GRC requirements.
Email: Business@timusconsulting.com
Phone: +91 9665833224
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Website: www.Timusconsulting.com
