MITIGATE 3RD & 4TH PARTY
RISK
The third-party ecosystem is more vulnerable than ever with the increasing adoption of cloud services, SaaS, and third-party vendor utilization to improve efficiencies and processes. Cyber predators and attackers have found new ways to effortlessly compromise organizations’ critical assets through its third-party vendors, resulting in exponential cyber-risk exposure, thus necessitating the need to adopt a robust third-party risk management program.
Challenge
- Expanding reliance on third parties introduces significant cybersecurity and operational risk exposure.
- Limited visibility into vendor security controls and evolving threat posture.
- Third-party weaknesses frequently lead to breaches, compliance failures, and service disruption.
- Complex vendor ecosystems make continuous risk monitoring and governance difficult.
Solution
- Implement a structured third-party risk management program to identify, assess, and manage vendor risk.
- Perform standardized vendor security assessments and control maturity evaluations.
- Quantify inherent and residual risk to prioritize remediation actions.
- Establish continuous monitoring and governance over third-party risk exposure.
CYBER RISK FRAMEWORK
3rd PARTY RISK.
Evaluate vendor controls & residual risks through comprehensive third-party assessments and supporting documentation review.
ENTERPRISE RISK GOVERNANCE.
Consolidate enterprise cyber risks to establish clear accountability, prioritize remediation efforts, and strengthen enterprise risk governance and oversight.
RISK & REMEDIATION.
Consolidate risk results to define accountability, guide remediation, & strengthen ongoing risk management programs.
Deliverables
- Consistent evaluation of third party controls and risk scoring
- Audit and monitor compliance, regulatory, and financial statements are ready
- Capture declared critical fourth party relationships
- Learn the quality of governance the third party applies to their own third party relationships
- Perspective of overall risks with third party relationship, across all engagements
- Comprehensive and consolidated view into known issues
- Organized, managed process to escalate issues
- Visibility into known risks and efforts to close/address risks
Benefits
- Methodical and standardized program to risk assessment
- Management and mitigation of identified issues
- Stronger, quicker response to emerging risks
- Fewer third party related incidents and losses
- Reduced time to resolution on issues
- Improved remediation resource management aligned to risk prioritization
- Reduction of overtime/reactive overload
- Reduced repeat audit and regulatory findings
