--- title: "3-Minute Recap: How to Launch a Third-Party Risk Management Program" description: Understand, in three broad steps, how to get started with launching at third-party risk management program that effectively identifies risk. image: https://www.blueumbrella.com/hubfs/bu/BRAND%20ASSETS-2019/Illustrations/Anti-Bribery%20Corruption/Anti%20Bribery%20and%20Corruption_School%20of%20Fish-01.jpg --- [![BU Primary Logo_1. Triangle Main](https://www.blueumbrella.com/hubfs/00_Redesign2022/Blue%20Umbrella%20Branding/BU%20Primary%20Logo_1.%20Triangle%20Main.png "BU Primary Logo_1. Triangle Main")](https://www.blueumbrella.com/) [![BU-Primary White Logo](https://www.blueumbrella.com/hubfs/00_Redesign2022/Blue%20Umbrella%20Branding/BU-Primary%20White%20Logo.png "BU-Primary White Logo")](https://www.blueumbrella.com/) #### products Blue Umbrella delivers a potent combination of powerful risk management tools, innovative technology and research excellence. [Explore all products](https://www.blueumbrella.com/products) [Status](https://www.blueumbrella.com/status) For large enterprises with tens of thousands of business relationships, Status integrates all information and workflows to run a global compliance program. [Research](https://www.blueumbrella.com/research) Blue Umbrella offers tailored third-party risk intelligence reports, safeguarding organizations from regulatory or reputational risk. Compliance ## 3-Minute Recap: How to Launch a Third-Party Risk Management Program ![Blog-Section0-Header-Image-Bees](https://cdn2.hubspot.net/hubfs/5164326/Nov%202019/Phase%202/Images/Blog-Section0-Header-Image-Bees.png) We get it. There is definitely a lot going on. You’re busy, dealing with increased pressure and additional uncertainty due in part to the completely unpredictable way that 2020 is playing out. Regardless, it’s likely that your organization continues to begin new third-party relationships, evaluate how current ones are performing and breathe new life into ones that are inactive. Maybe you have already considered that there should be a better way for your company identify, assess, and manage the risk associated with these relationships. Oftentimes, the trouble is knowing where to start. Lucky for you, we have developed a [super handy checklist](https://info.blueumbrella.com/how-to-launch-a-third-party-risk-management-program-step-by-step-guide) to guide you through the process of launching a third-party risk management program. And to make it even easier for you, we will now boil down our fantastic checklist into the three most important takeaway points for you to consume as a tasty little appetizer. 1. **Start simple and small.** Is there a particular area of risk that is top of mind for your executive committee? If you’re reading this, there probably is. We recommend starting with one area (whether it’s [anti-bribery and corruption](https://www.blueumbrella.com/grc/anti-bribery-corruption), [data privacy](https://www.blueumbrella.com/grc/data-privacy) or [IT security](https://www.blueumbrella.com/grc/it-security)) and building from there. 2. **Understand your company’s current ecosystem with respect to vendor relationships.** How many do you have? Where is the data stored? Who are the internal stakeholders you need to engage? Getting a rough idea of this will help you understand who needs to be involved and how much data wrangling is needed. 3. **Send questionnaires, identify risks and remediate.** Sounds straightforward, right? This is often the part that’s the hardest to administer, scale and document. Understanding [how technology can help alleviate this burden](https://www.blueumbrella.com/grc) is an important component of any successful program. Launching – or streamlining - a third-party risk management program can feel like a daunting task, but with the right planning and approach you can make considerable gains with focused effort. Care to read more? [Download our checklist for the full step-by-step process today! ](https://info.blueumbrella.com/how-to-launch-a-third-party-risk-management-program-step-by-step-guide) [Compliance](https://www.blueumbrella.com/insights/tag/compliance) ![Blue Umbrella](https://www.blueumbrella.com/hubfs/00_Redesign2022/Blue%20Umbrella%20Branding/favicon.ico) ### [Blue Umbrella](https://www.blueumbrella.com/insights/author/blue-umbrella) Blue Umbrella is a leading provider of due diligence research and innovative third-party compliance technologies. Combining global research excellence with disruptive RegTech SaaS solutions, Blue Umbrella serves multinational corporations working in technology, manufacturing, life sciences, defense/aerospace, agriculture, energy, finance, and consumer goods as well as top-tier investment banks. With a global presence and local focus, Blue Umbrella helps compliance teams increase automation and efficiency, reduce costs, and gain critical understanding of their clients and third parties. [**](https://www.facebook.com/blueumbrellagrc) [** ](https://www.linkedin.com/company/blue-umbrella-limited/) [** ](https://twitter.com/blueumbrellagrc) ## Share post - [**](http://www.facebook.com/share.php?u=https://www.blueumbrella.com/insights/3-minute-recap-how-to-launch-a-third-party-risk-management-program/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.blueumbrella.com/insights/3-minute-recap-how-to-launch-a-third-party-risk-management-program/&summary=&source=BlueUmbrella) - [**](https://twitter.com/share?url=https://www.blueumbrella.com/insights/3-minute-recap-how-to-launch-a-third-party-risk-management-program/) ## Subscribe for Insights ### We'll let you know when we've published something cool. ### Other resources you might like [![](https://www.blueumbrella.com/hubfs/bu/Videos%202020/Blue%20Umbrella%20-%20Video%202%20Status%20-%20animation_1080p-thumb-1.jpeg) ](https://www.blueumbrella.com/insights/how-can-the-pharmaceutical-industry-improve-its-compliance-processes) Posts #### [How can the pharmaceutical industry improve its compliance processes?](https://www.blueumbrella.com/insights/how-can-the-pharmaceutical-industry-improve-its-compliance-processes) Regulated industries are always under scrutiny and any missteps in their processes seem to be magnified. They are also at the mercy of rapidly changing regulations which can vary among jurisdictions.... [![](https://www.blueumbrella.com/hubfs/life%20sciences%20-%20iStock-1327426565.jpg) ](https://www.blueumbrella.com/insights/what-are-the-top-5-considerations-of-life-sciences-compliance) Posts #### [What are the top 5 considerations of life sciences compliance?](https://www.blueumbrella.com/insights/what-are-the-top-5-considerations-of-life-sciences-compliance) Life sciences are under increased scrutiny from regulators and, due to COVID, have faced unprecedented challenges. This has increased pressure to remain innovative with their technology remaining... [![](https://www.blueumbrella.com/hubfs/bu/BRAND%20ASSETS-2019/Illustrations/Animation%20Placeholders/Blue%20Umbrella%20Tree_Animation%20Static%20Preview.jpeg) ](https://www.blueumbrella.com/insights/five-best-practices-for-adverse-media-monitoring) [Third-Party Compliance](https://www.blueumbrella.com/insights/tag/third-party-compliance) #### [Five Best Practices for Adverse Media Monitoring](https://www.blueumbrella.com/insights/five-best-practices-for-adverse-media-monitoring) Enterprises need to be aware of all degrees of risk that their clients and third parties may bring, ranging from a bribery allegation, to association with a sanctioned entity. Therefore, [Adverse...](https://www.blueumbrella.com/adverse-media-monitoring) ## Get Started Today! ### Blue Umbrella GRC Modular Blue Umbrella GRC software streamlines how mid-size organizations identify and communicate risk. [GET A DEMO](https://www.blueumbrella.com/grc?hs_preview=uFnmTDES-20572011632#form-scroll) ### Status For large enterprises with thousands of business relationships, Status simplifies global compliance programs. [GET A DEMO](https://www.blueumbrella.com/status?hs_preview=iYngjorY-20458594126#form-scroll) [### About ](https://www.blueumbrella.com/about) Blue Umbrella is shaking up compliance and risk management through industry-leading research, advanced technology and trailblazing software. [Learn more](https://www.blueumbrella.com/about) [Careers](https://www.blueumbrella.com/careers)   [### Products ](https://www.blueumbrella.com/products) - Client Login - [Blue Umbrella GRC](https://grc.blueumbrella.com) - [Status](https://status.eu.bluedd.com/)     - Connect - [* *](https://www.linkedin.com/company/blue-umbrella-limited) - [* *](https://twitter.com/blueumbrellagrc) ### Get started on compliance transformation. [get a Demo](https://www.blueumbrella.com/status#form-scroll) © Blue Umbrella Limited. All Rights Reserved. [Privacy Policy](https://www.blueumbrella.com/privacy-policy)[Cookie Policy](https://www.blueumbrella.com/cookie-policy) [Accessibility](https://www.blueumbrella.com/blue-umbrella-accessibility) Cookie Settings Please ensure Javascript is enabled for purposes of [website accessibility](https://userway.org)