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Third Party Risk and Vendor Risk Management

CastleHill Managed Services, provides the people, tools, automation and process management required to successfully navigate the technical, legal and corporate requirements, regulations and practices aligned to Third Party Risk Management. Our teams of professionals work with your own to create and execute a Third Party Risk and Vendor Management program, or provide full coverage and continuous improvement of your existing capability.

With CastleHill, you can outsource Compliance and Vendor Risk administrative overhead, while maintaining control and oversight of your critical business functions.

Our goal is not to replace Subject Matter Expertise or eliminate an organizations organic Risk Management capability. Rather, our goal is to provide our customers with options for offloading the tactical functions, operational overlaps and operational bias that leads to inertia and inefficient processes.

Planning: We work with our clients to develop short term and long range plans for managing and monitoring vendor relationships. However, the planning function also extends to ongoing evaluation and improvement to your overall Risk Management environment.

Due Diligence and Third-Party Selection: CastleHill plans and executes reviews of potential third parties prior to contract signing. We partner strongly, ensuring that our clients are able to consistently select appropriate third parties through understanding the risks posed by these relationships, consistent with a defined risk appetite.

Contract Negotiation: We ensure that Risk Managers and other stakeholders have all of the information required to develop a contract which clearly defines expectations and responsibilities of the third party, while ensuring the contract’s enforceability, limitations on client liability, and mitigation of disputes regarding performance.

Ongoing Monitoring: CastleHill performs ongoing monitoring of third-party capability and relationship continuity once the contract is in place. This includes ongoing assessment (passive and interactive), site visits when necessary and management and monitoring of SLA performance when/where metrics have been put in place as part of a vendor performance program.

Termination: We help our clients develop a contingency plan that ensures the capability to transition activities to another third party, bring the activities in-house, or safely discontinue vendor activities once a contract expires.

Oversight and Accountability: CastleHill processes improve workflow, eliminate conflict of interest and help our customers to maintain clear roles and responsibilities for managing third-party relationships. These low overhead improvements create opportunities for our customers to integrate third-party risk management more completely with their overall enterprise risk management framework, enabling continuous and appropriate oversight and accountability.

Issue Management, Documentation, and Reporting: As part of every Compliance and Vendor Risk engagement, CastleHill performs all of the critical administrative functions inclusive of Issue Management, Documentation and Document Requests, and reporting that facilitates oversight, accountability, monitoring, and risk management associated with third-party relationships.

Transparency and Engagement Review: We encourage our clients to perform periodic reviews of the CastleHill risk management process, enabling management to assess whether the process aligns with the bank’s strategy and effectively manages risk posed by third-party relationships.

All of our solutions take into consideration the application of your industry specific regulatory requirements, ensuring the Third Party Risk and Vendor Management solution integrates appropriately with your overall Enterprise Risk Management objectives. For example, Third Party Risk for financial services takes into account OCC BULLETIN 2013-29, Gramm-Leach-Bliley Act (GLBA) (including privacy and safeguarding of customer information); BSA/AML; OFAC; and Fair Lending and other consumer protection laws and regulations.

Ask us how CastleHill can help you build and maintain an effective and cost efficient Third Party Risk and Vendor Risk Management capability

End-to-end delivery of people, process and technology

CastleHill Managed Risk Solutions, provides critical services and expert guidance to companies operating in highly regulated environments. We accomplish this through managed risk assessment, advisory and support services, application of best practice, end-to-end traceability and the provisioning of high quality actionable data.

    Enjoy Measurable and Observable ROI
    Reduce costs while realizing immediate improvements in enterprise Governance, Risk and Compliance maturity
    Reduce impact on managers and operational staff
    Focus on risk mitigation, core competencies, capital preservation and revenue generation
    Automate and consolidate risk management activities while simultaneously eliminating real and perceived conflicts of interest, process gaps and technology shortcomings
    Eliminate time-consuming administrative support functions that lead to blurred roles, organizational inertia, functional bias, incomplete data and poor data quality
    Leverage our dedicated teams of professionals, encouraging SME functional continuity while eliminating single points of failure
    Clients enjoy improved risk management effectiveness without incurring additional technology support burden or cost

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Information Management is built into every solution we provide

Nothing to plug in or purchase. CastleHill provisions and maintains the industry leading tools that facilitate your success!

Incorporating this system in conjunction with our Managed Services provides a wide range of aggregate capability including:

  • Assessment Management
  • Document Management
  • Issue Management
  • Regulatory, Policy and Procedure Management
  • Controls and Control Testing Management
  • Advanced Dashboards, Reporting and Analytics
  • Advanced Notification and Communications

CastleHill delivers expert capability, tailored to your organizations specific needs

We know our customers like our clients know theirs. Partnering for the long term means client success is our success.

Our experienced professionals provide all of the guidance and expertise necessary to ensure successful setup and delivery of our promised end state.

Single Tenant Platforms

We use what our clients use. All platform instances are single tenant and all clients work with a dedicated full coverage team leveraging the same environment.

Fast Access

Dedicated full coverage teams mean fast access to process and platform changes, custom reports and metrics, solid lines of communication and strong feedback.