Third-Party Risk Management

Subtitle
In today’s increasingly interconnected financial landscape, third-party relationships (including vendors, partners, and outsourced service providers) can introduce substantial risk to your institution’s operations, compliance posture, and reputation.

Cygnus Compliance offers comprehensive Model Validation Services designed to enhance model integrity, support institutional governance, and ensure full regulatory alignment.

We offer end-to-end support to assess, monitor, and manage third-party risk, empowering your institution to operate with confidence and regulatory assurance.

We recognize that third-party risk is not just a compliance requirement, it’s a business-critical function. Our approach combines regulatory insight, enterprise risk expertise, and technology fluency to help financial institutions build and maintain mature, defensible, and scalable TPRM programs.

Our Services

Program Design & Maturity Assessments

We evaluate your current third-party risk framework against regulatory expectations (e.g., OCC, FFIEC, FDIC) and industry best practices to identify gaps, align governance, and build a sustainable operating model.

Services Include:

  • Current-state program assessments and maturity benchmarking
  • Gap analysis against regulatory and internal standards
  • TPRM policy and procedure development
  • Risk appetite calibration and governance model alignment
  • Stakeholder mapping and operating model design

Third-Party Lifecycle Management

We support the full lifecycle of vendor engagement from intake and onboarding through contract management and secure offboarding.

Services Include:

  • Standardized intake and risk review workflows
  • Roles, responsibilities, and escalation protocols
  • Contract review and negotiation support
  • Exit planning, data return, and destruction protocols
  • Integration with procurement, legal, and finance functions

Regulatory & Audit Readiness

We ensure your third-party risk program can withstand regulatory examination, internal audit, and board-level scrutiny.

Services Include:

  • Documentation and evidence preparation
  • Regulator-aligned control testing
  • Exam and inquiry support (e.g., FDIC, OCC, FRB, NYDFS)
  • TPRM training and awareness programs for key stakeholders
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Ongoing Monitoring & Due Diligence

We evaluate your current third-party risk framework against regulatory expectations (e.g., OCC, FFIEC, FDIC) and industry best practices to identify gaps, align governance, and build a sustainable operating model.

Services Include:

  • SLA and KPI tracking against contract terms
  • Issue escalation and remediation oversight
  • Regulatory change impact assessments
  • Annual and periodic reassessments
  • Trigger-based due diligence refreshes

Technology Enablement & Tool Integration

We guide institutions in selecting and implementing TPRM platforms that automate assessments, centralize oversight, and improve reporting transparency.

Services Include:

  • Vendor risk software selection and evaluation
  • Platform implementation, configuration, and user training
  • Integration with GRC, ERP, and procurement systems
  • Data migration and dashboard/reporting setup
  • Tool-based workflow design and process automation

Ready to Strengthen Your Third-Party Risk Program?

Cygnus can help you build a third-party risk function that is proactive, auditable, and aligned with both regulatory requirements and institutional priorities.

Talk to a Representative