HOW DO I SELECT A THIRD
PARTY RISK MANAGEMENT
SOFTWARE? by eplatformtech
THIRD PARTY RISK MANAGEMENT
SOFTWARE
Your choice of a Third-party risk is a feature on board
Third Party Risk Management Software should be agendas with CEO/board-level responsibility
based on your organization’s regulatory requirements,
acceptable level of risk, use of third-parties, business in many organizations especially those
processes, joint ventures, compliance requirements operating in regulated environments. Visits
and overall enterprise risk management strategy. to third-party locations are becoming more
common to gain assurance over third-party
Organizations are now leveraging third-parties directly
management.
in their supply chain, as well as auxiliary services like
sales, distribution and support. The increasing use of
technology, like cloud and cloud-based applications, is As businesses become more decentralized,
further accelerating the trend toward outsourcing and
increasing associated risks. there is increasing need for consistent
Third Party Risk Management Software.
Best-in-class organizations are leveraging
Further, the value of the tasks being executed by third- third-parties extensively while effectively
parties is increasing, increasing the impact of managing the risks associated.
disruption or failure of third-party vendors.
WHAT ARE THE BEST PRACTICES FOR A THIRD-PARTY RISK
MANAGEMENT FRAMEWORK?
Both the Take inventory of all third-party vendors your
National Institute of Standards and Te organization has a relationship with
chnology Catalog cybersecurity risks that the
(NIST) and counterparties can expose your organization to
International Organization for Standar Assess and segment vendors by potential risks
dization and mitigate risks that are above your
(ISO) have popular organization’s risk appetite
Third Party Risk Management Softwar Develop a rule-based system to assess future
e
vendors and set a minimum acceptable hurdle for
that can be used together in the the quality of any future third-parties in real-time
assessment process of any third-party by reviewing data security and independent
risk management program. reviews
Establish an owner of vendor risk management
and all other third-party risk management
In general, best practices for any practices
Third Party Risk Management Softwar
e
Define three lines of defense including Establishing a
leadership, vendor management and internal Third Party Risk Management Software
audit means the financial and reputational damage
to your organization will be minimize if a
The first line of defense – functions that own
third-party data breach does occur. Data
and manage risk
breaches can have massive impacts on your
The second line of defense – functions that customers, employees and the position of
oversee or specialize in risk management and your organization in the market.
compliance
The third line of defense – functions that
Properly managing cyber security reduces
provide independent assurance, above all
internal audit the impact and cost of risk management
without impacting the overall productivity
Establish contingency plans for when a third- and ability to onboard third-parties to an
party is deemed below quality or a data organization.
breach occurs
HOW TO MANAGE THIRD-PARTY VENDOR RISKS
IN 2021
Managing third-party relationships can be Each vendor is rated against over 50
a big task. As a result, many organizations criteria providing a daily Cyber Security
have opted to use intelligent tools that use Rating. We can automatically send
first and third-party data to monitor vendor security questionnaires to help
cybersecurity risk and to improve the you gain deeper insights into your
overall security posture of an vendors, improve your coverage and
organization. scale your security team.
Third Party Risk Management Software We also continuously scan for and
customers automatically monitor their
discover data exposures and leak
vendors security performance over time
and benchmark them against the
credentials related to any part of your
industry. business, preventing reputational and
regulatory harm.
VISIT US
Eplatformtech Pvt Ltd
Plot 58, Sector 44, Gurgaon, Haryana -
122003
(India)
