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
Enterprises are exponentially leveraging third parties to support growth, operations, and deliver products and services to their clients. As a result organizations retain the risks associated with third party relationships.
Third party risks have been proven to be be significant with regulatory compliance violations, data breaches, financial losses, fraud and enterprise interruption, and reputation damage. Enterprises need to understand the risks and the controls third party providers have in place to manage risk within acceptable boundaries.
Solution
Forecight’s Cyber Risk program provides a comprehensive third party risk assessment questionnaires to to identify internal control environment and collect relevant supporting documentation for further analysis. The Cyber Risk program will determine enterprise’s residual risk across relevant risk categories.
Cyber Risk process uses leading industry practices to assist you in the identification, evaluation, and prioritization of enterprise-wide risks. Our professionals have helped clients in virtually every industry. Whether the assessment is a step in developing a more formal enterprise risk management process, or a stand-alone process that gives you a snapshot of current risk, the risk assessment is a valuable component of your third-party risk management (TPRM) approach.
Risk results are characterize and accumulated to the third party to clearly detail their overall risk across all of the engagements, exceptions, accountability, and remediation program. Our cyber risk assessment services supports:
- Develop a tailored Third-Party Risk Management (TPRM) Program
- Assisting in the development of an overall risk register
- Generating risk rating criteria for assessments
- Designing reporting and monitoring processes
- Providing recommended practices and experienced advice for your risk assessment
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
