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Our Service
Third Party Vendor Audit
Evaluates external vendors to ensure compliance, security, and performance.
A Third-Party Vendor Audit is a systematic evaluation of an external vendor’s controls, processes, and compliance with contractual and regulatory requirements.
It aims to identify and mitigate risks such as security vulnerabilities, operational weaknesses, and regulatory non-compliance that could impact the hiring organization. The audit involves reviewing documentation, assessing cybersecurity measures, financial stability, and business practices, followed by reporting findings and recommending corrective actions. Regular vendor audits help ensure transparency, maintain trust, and protect organizations from potential disruptions or reputational damage arising from third-party relationships.
What is TPVA?
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Risk
Identify and assess potential threats vendors may pose to your organization’s security, operations, and reputation.
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Compliance
Ensure vendors adhere to regulatory requirements, contractual obligations, and internal policies.
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Verification
Validate vendor controls, processes, and performance through thorough evaluation and evidence gathering.
Types Of Services
TRC Offers Under TPVA Services
Cyber Security
Coordinating governance, risk, and compliance for efficient operations.
Policy & Procedure Design
Cybersecurity policies and procedures are essential frameworks that organizations implement to safeguard their digital assets, ensure compliance with regulations, and mitigate cyber threats.
User Access Reviews
A User Access Review entails identifying, assessing, and managing the access rights of users within an IT system. This process ensures that users are provisioned only with the appropriate rights necessary for their role. Ideally, the user access review process is automated to enhance efficiency and accuracy.
Vulnerability Assessment and Penetration Testing (VAPT)
Vulnerability Assessment and Penetration Testing (VAPT) is a cybersecurity process that identifies and mitigates security vulnerabilities in systems, networks, and applications. It involves two key phases: Vulnerability Assessment (identifying weaknesses) and Penetration Testing (exploiting those weaknesses to simulate real-world attacks). The goal is to proactively strengthen security defenses against potential threats.
Patching
Patching is the process of applying updates—known as patches—to software, applications, operating systems, or firmware to fix known issues, especially security vulnerabilities.
Business Continuity Management
Business Continuity Management (BCM) is a strategic process that helps organizations prepare for, respond to, and recover from disruptive events—such as natural disasters, cyberattacks, or system failures—to ensure critical business functions continue operating with minimal downtime.
Infrastructure Audit
An Infrastructure Audit is a comprehensive assessment of an organization's IT and physical infrastructure to evaluate performance, security, compliance, and efficiency. It identifies gaps, vulnerabilities, and areas for improvement across hardware, software, networks, data centers, and related systems. The goal is to ensure that infrastructure components align with business goals, industry standards, and regulatory requirements.
Our Process
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01.
Planning and Preparation
Define the audit scope, objectives, and criteria based on relevant standards like ISO/IEC 27001 or SOC 2. Assemble a cross-functional audit team, including representatives from IT, compliance, risk management, and procurement.
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02.
Due Diligence and Risk Assessment
Evaluate the vendor’s financial stability, cybersecurity practices, compliance with data privacy laws, and adherence to anti-bribery and anti-corruption (ABAC) policies. Prioritize vendors based on the level of risk they pose to your organization.
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03.
On-Site and Off-Site Audits
Conduct interviews with vendor personnel, review documentation, and assess physical and logical security controls. Utilize both on-site visits and remote assessments to gather comprehensive information.
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04.
Documentation and Reporting
Compile findings into a detailed audit report, highlighting strengths, weaknesses, and areas for improvement. Include evidence of compliance and non-compliance, and provide actionable recommendations.
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05.
Follow-Up and Remediation
Establish a timeline for the vendor to address identified issues. Monitor the implementation of corrective actions and reassess the vendor’s performance to ensure compliance.
Explore Our Services.
Other Services
Tax & Regulatory Compliances
End-to-end tax advisory and compliance across Direct, Indirect, FEMA, and International Tax—ensuring efficiency, compliance, and reduced regulatory risk.
TRC Digital
Coordinating governance, risk, and compliance for efficient operations.
Market/India Entry
Coordinating governance, risk, and compliance for efficient operations.
Legal
In today’s fast-paced and regulation-driven business environment, managing legal workflows efficiently is more critical than ever. Our Legal Process Outsourcing…
Valuation
We provide independent and audit-ready valuation opinions for regulatory, financial reporting, commercial, and portfolio purposes across a wide range of…
Asset Management
Services include audits, tagging, geo, RFID technology, automated verification, reconciliation, and reporting.
Governance Risk & Compliance
To help entities achieve their goals with integrity and transparency, TRC offers Governance, Risk Management, and Compliance (GRC) services—ensuring reliability,…
We Are Here To Help
What is a third-party vendor audit?
An independent review of a vendor’s policies, controls, and compliance to assess risk and ensure they meet contractual and regulatory obligations.
Why is vendor auditing important?
It helps organizations manage risks, maintain compliance, ensure security, and protect their reputation from third-party vulnerabilities.
What areas are typically assessed in a vendor audit?
Security controls, data privacy, financial stability, operational processes, regulatory compliance, and ethical standards.
What if the vendor fails the audit?
Organizations usually require vendors to implement corrective actions within a set timeframe and may reevaluate their partnership if issues persist.
TPVA Solutions
How TRC's TPVA Solutions Help Your Company?
We reimagine TPVA to enhance compliance, boost brand value, and drive growth. Partner with us to unlock your business’s full potential.
We reimagine TPVA to enhance compliance, boost brand value, and drive growth. Partner with us to unlock your business’s full potential.
Book your personalized consultation!
Reach out to us for inquiries, collaborations, or support. We're here to assist you anytime!
Email address
contact@trcconsulting.org
Mobile number
+91–8882828822