1、A REPORT ON THIRD-PARTYRISK MANAGEMENTAN INITIATIVE BY THE SFA CYBER RISK SUBCOMMITTEE,LED BY CYBER SIERRACyber Sierra,founded in 2021 by Pramodh Rai and Subhajit Mandal,stemsfrom a vision to make security compliance easy for enterprises.Designedfor mid-to-large organizations,Cyber Sierras technolog

2、y digitizes andautomates cyber compliance,governance,and risk management.A Report on Third-Party Risk Management An Initiative by the SFA Cyber Risk Subcommittee,led by Cyber SierraOur intelligent platform catalyzes use cases that include Third Party RiskManagement(TPRM),Continuous Control Monitorin

3、g(CCM),andGovernance,Risk&Compliance(GRC).Trusted by Fortune 500 companies and global banks,Cyber Sierra is alsorecognized within the industry as a Representative Vendor in GartnersHype Cycle for Cyber Risk Management 2024 in two categories:Cyber GRC and CCM.The Singapore FinTech Association(SFA)is

4、a non-profit organizationuniting stakeholders across the fintech industry to drive innovation,collaboration,and regulatory support.As a platform for cross-industrycollaboration,SFA promotes engagement through events,membershipprograms,and knowledge sharing.By fostering a resilient ecosystem,SFAstren

5、gthens Singapores role as a global fintech hub.A Report on Third-Party Risk Management EXECUTIVE SUMMARYRecent high-profile incidents at companies like SolarWinds,Target,andVolkswagen underscore a critical reality:third-party risk management(TPRM)is no longer just a compliance requirementits a strat

6、egicimperative for business survival and success.The industrys reliance on conventional toolsdetailed securityquestionnaires and certificationsthough foundational,is no longersufficient.These static assessments fail to capture the dynamic nature ofsecurity postures,making continuous,real-time monito