What is ISO 27001 and How Does It Apply to Third-Party Risk Management?

ISO 27001 is the most widely recognized information security standard in the world, used in more than 100 countries. But applying it correctly to third-party risk management is where most organizations struggle. This webinar breaks down how to map TPRM practices to ISO 27001, identify the controls that matter most, and turn them into measurable KPIs and KRIs. What is ISO 27001? ISO 27001 is an internationally recognized standard for information security management, applicable to organizations of any size, sector, or geography. It provides a structured framework, known as an Information Security Management System (ISMS), for identifying, managing, and continuously improving information security risk. The 2022 update reorganized the standard into four control areas: Organizational, People, Physical, and Technological, reflecting modern work environments including remote work and expanded supply chain exposure. How ISO 27001 Applies to Third-Party Risk Management ISO 27001 explicitly addresses information security across the supply chain, including third-party relationships, ongoing monitoring, and contractual obligations. For TPRM programs, this means the standard offers a ready-made structure for evaluating supplier risk rather than building an assessment framework from scratch. Mapping TPRM to an ISMS Governance clauses (such as 5.1 and 6.1) define top management responsibility, resource allocation, and a structured approach to risk identification and treatment Third-party activities including profiling, tiering, and assessment can be mapped directly to specific ISO 27001 controls Newer concepts in the standard, including control types (preventative, detective, corrective) and cybersecurity concepts, help practitioners prioritize which controls matter most for a given vendor relationship Identifying the Right Controls ISO 27001 includes 94 Annex A controls, but applying all of them to every vendor is neither practical nor risk-based. The core controls most organizations should prioritize include: Access management Data backup Data security Business continuity planning Incident response The right approach is a risk-based assessment: select the subset of controls relevant to a specific third party's services and the level of data access that vendor requires. Turning Controls into KPIs and KRIs Once the relevant controls are identified, they can be translated into Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs) that let organizations track vendor risk maturity over time rather than treating assessment as a one-time checklist exercise. What You Will Learn: An introduction to the ISO 27001 standard and its 2022 structure How to map TPRM practices to the ISMS and specific ISO controls Which controls have the greatest risk impact and should be prioritized How to translate controls into actionable KPIs and KRIs for ongoing vendor monitoring Featured Speakers Compliance experts Sophie Pothecary and Thomas Humphreys walk through how ISO 27001 applies to third-party risk management and how to use the framework to measure TPRM program performance. Achieving ISO 27001 Certification Whitepaper: https://mitratech.com/resource-hub/wh... Q: What is ISO 27001? A: ISO 27001 is an internationally recognized standard for information security management, used in more than 100 countries. It provides a structured framework called an Information Security Management System (ISMS) for identifying, managing, and continuously improving how an organization protects information, including risk introduced by third parties. Q: How does ISO 27001 apply to third-party risk management? A: ISO 27001 addresses supply chain and third-party risk directly within its control structure, covering vendor monitoring, contractual security requirements, and information security across supplier relationships. Organizations can map their existing TPRM activities, such as profiling, tiering, and assessment, to specific ISO 27001 controls. Q: What are the four control areas in ISO 27001:2022? A: The 2022 update to ISO 27001 organized controls into four categories: Organizational, People, Physical, and Technological. This restructuring was designed to better address modern risks including remote work and expanded digital supply chains. Q: How many controls does ISO 27001 have? A: ISO 27001 includes 94 controls in Annex A. Organizations are not expected to apply every control to every vendor; instead, a risk-based approach is used to select the controls most relevant to a specific third party's services and data access level. Related Topics: ISO 27001 | Third-Party Risk Management | Vendor Risk Management | Information Security Management System | ISMS | Annex A Controls | KPI | KRI | Supply Chain Security | GRC Platform