Skip to main content

Free Maturity Assessment for First Party Risk Management

What Happens When You Submit A Maturity Assessment?

When you submit a maturity assessment, our team is immediately notified and we assign a GRC Advisor to analyze your results. We then document our findings and follow up with you to provide your maturity level and some actionable feedback. 

Complete the Assessment
Populate and submit the form below
We Analyze
A Verterim GRC Advisor analyzes your results and documents findings
Review Feedback
Free advisory session to review your results and provide actionable feedback

Step 1: Complete the Assessment

Common Challenges for First Party Risk Programs

Implementing First Party Risk Management processes can pose a multitude of obstacles. Some common challenges include:

Complexity of Compliance Requirements: Organizations often deal with a multitude of regulatory frameworks such as NIST CSF, ISO27001, GDPR, PCI, HIPAA, FERPA, GLBA, CCPA, NYDFS Cybersecurity, and NIST SP800-171. Managing compliance with these standards can be overwhelming and resource-intensive.

Resource Intensive Assessments: Responding to assessments and questionnaires from clients and partners can consume significant time and resources. Organizations may struggle to efficiently gather and provide the required information while balancing other operational priorities.

Manual Processes: Many organizations still rely on manual processes for collecting, managing, and accessing information related to first-party risk management. This can lead to inefficiencies, errors, and delays in risk identification, assessment, and mitigation.

Lack of Standardization: The absence of standardized processes and tools for first-party risk management can create inconsistency and difficulty in comparing risks across different business units or partners. It can also hinder the ability to benchmark against industry standards.

Limited Visibility and Control: Without adequate tools and systems in place, organizations may lack visibility into their own risk landscape. This can make it challenging to proactively identify emerging risks and implement timely mitigation measures.

Dependency on Manual Assessments and Audits: Traditional methods of assessing and auditing first-party risks often rely on manual efforts, which can be time-consuming, subjective, and prone to bias. This may result in incomplete or inaccurate risk assessments.

Integration Challenges: Integrating first-party risk management processes with other GRC activities and systems within the organization can be complex. Lack of integration may lead to siloed data and fragmented risk management efforts.

Scalability Issues: As organizations grow and evolve, the complexity and volume of first-party risks also increase. Scaling first-party risk management programs to accommodate growth can be challenging without robust processes and scalable technologies in place.

Cybersecurity Threats: With the rise of cyber threats and data breaches, organizations face heightened risks related to data security and privacy. Failure to effectively manage these risks can result in significant financial losses, reputational damage, and regulatory penalties.

Emerging Risks: New and emerging risks such as technology disruptions, geopolitical uncertainties, and pandemics can pose challenges to traditional first-party risk management approaches. Organizations need to adapt and evolve their risk management strategies to address these evolving threats effectively.

Addressing these challenges requires a comprehensive and proactive approach to first-party risk management, including the adoption of advanced technologies such as AI-powered platforms, automation, and analytics to enhance efficiency, accuracy, and effectiveness in managing risks.

Advisory Services

Strategic and Advisory Services for GRC Programs  maximize program potential while helping to avoid common pitfalls

Strategic Advisory Workshop

Business Process Expertise Powered By OCEG


You can automate any process, but is it a best practice GRC business process? Effective GRC implementation projects are impossible without the expertise in business processes. Each engagement is carefully staffed with at least one consultant who brings to the table extensive experience as a GRC practitioner or holds the prestigious OCEG certification.

OCEG GRC Capability
Implementation Methodology Circle

First Party Risk Implementation Services

Our certified GRC Consultants truly understand how to implement Policy Management. Learn more about our methodology for Implementation Services and our team that makes it all possible