TPRM Fully Managed Solutions

Lift without the Heavy Lifting

Dedicated Support

With access to industry veterans in the third-party risk space, a dedicated point of contact leads your relationship through every aspect of managing your program. RedKnot is known for offering high-touch assistance whether you are just getting started or have a mature program with opportunities to outsource. We can partially or fully augment your staff model.

Tailored & Adaptable

There is no need to worry that you will lose control, because we seamlessly integrate with the way your business already operates. We understand the strategic importance of third party relationships, so we spend time upfront in the implementation understanding and developing communication templates, customized notifications and reminders as we launch, execute and maintain the program.

Risk Insights

We take the hard work of compiling due diligence questionnaire results and audit template population off your plate. Through robust reporting capabilities, we are recognized for reporting that passes Regulatory Examiners’ expectations. Whether auditing internally or providing information outside your organization, we get outside the box to help you identify true risk and tell the story.

While you focus on your core offering, rely on RedKnot, as your Managed Services Provider (MSP) to help gain efficiency and reduce costs. These triggers may signal a greater need for evaluating whether leveraging Managed Services is right for your Organization:

  • The pace and complexity of change exceed resource capacity levels.
  • Significant change or investment is required to meet the demands.
  • The time needed to develop what is needed internally is constraining short-term performance.
  • Regulatory non-compliance or risk exposures are increasing.
  • There’s an appetite to relinquish control to achieve organizational objectives.
  • The needs, demands and requirements have outgrown legacy processes, systems and functions.
  • Budget constraints restrict needed staffing and support.

An Accountable Extension of Your Team

RedKnot's Suite of Third-Party Risk Solutions:

Today, the vendor management function is governing and overseeing – more vendor relationships, as niche providers emerge and specialize; more technically complex risks; more requirements for vendors to meet …with less funding than ever before.
  • RedKnot’s TPRM Managed Service can fully or partially augment your existing program ,or stand-up your new program and hand over the keys.
  • Standard program capabilities include:  Configuration and Population of the VendorRisk application, Vendor Segmentation and Risk Classification, Due Diligence Execution, Collection and Review of Required Documents and Gap Remediation.
  • Ongoing risk monitoring is an important aspect of keeping our finger on the health of your third-party network, including reputational monitoring, management of expired documentation and third-party assessments.
  • Contracts/Legal Agreement management helps tie Service Level Agreements (SLAs) to the contract renewal period.
  • Onsite Reviews, Performance Monitoring and Work From Home Audits round out a fully cycle TPRM program.
  • Financial Services Internal Audit and Exam preparation
  • Regulatory Exam Preparation (CFPB, SEC, etc.)
  • Cyber Risk Security Audits
  • On-site/Physical Security Vendor Audits
  • Work from Home (WFH) Audits
  • Automated Clearing House (ACH) Audits
  • Remote Deposit Capture Risk Assessment and Audits
  • Wires Risk Assessment and Audits

For many business owners a transaction with a third-party could be the right answer for growth or exit. Growth through acquisition could mean strategic entry into a new market, mitigating competitive risk or realizing economies of scale. Or it could simply mean cashing out hard-earned enterprise value for retirement. RedKnot has supported clients on both sides of the deal.

  • Buy-side target identification, integration strategy and diligence management
  • Sell-side preparation and marketing, and due diligence support throughout the transaction
  • Post-transaction integration for the newly formed company, including program management of the integration of people, processes, products and customers.  RedKnot has played a key role in the largest banking acquisitions in U.S. banking history.