TRAC™ is
efficient,
effective,
and easy!
 
1400 N Washington Ave
Suite 103
Madison, SD 57042-1147
605-270-3321
TRAC™ - Third Party Management Back
 

Program Setup
 

Determine Third Party Classifications

Each third party (vendor) needs to be categorized based on the classification of information they have access to, and the importance of the third party’s availability to the institution. TRAC™ 3PM classifies the information which third parties have access to as Public, Internal, or Customer, and the importance of the third party's availability to the institution as Low, Normal, or Mission Critical. Each third party will be put into different levels based on this information.

Determine Third Party Classifications Click on image to enlarge
Determining Third Party Classifications
 

Determine Requirements for Each Level

In the previous step, third parties were classified into levels. These levels determine the level of diligence needed when selecting a new third party, and managing an existing third party. TRAC™ 3PM allows for customization of the activities that need to be completed, and the documentation required for selection and management.

Determine Requirements for Each Level Click on image to enlarge
Determining Requirements for Each Level
 

Document Third Party Management Program

TRAC™ 3PM documents a customized third party management program based on the decisions made in the previous two steps. The TRAC™ 3PM program is a brief four page document which lays out the manner in which third parties will be selected and managed. Definitions of the terminology are also included in this program.

Document Third Party Management Program Click on image to enlarge
Documenting a Third Party Management Program