• CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • CUSTOMER LOGIN
  • Products
    • TPRM by ThirdPartyTrust
    • Beacon by ThirdPartyTrust
  • Company
    • About us
    • Partners
    • Product Security
    • Privacy Policy
REQUEST DEMO
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY

The Role of Technology in Managing Third-Party Risks

Published by Sabrina Pagnotta on October 29, 2020
Categories
  • Blog
Tags
  • TPRM Best Practices
The Role of Technology in Managing Third-Party Risks

Managing third-party risks starts with due diligence activities to maintain an inventory of vendors and the services they provide, along with a method for assessing their criticality based on the inherent risks of sharing data. Technology plays a key role enabling to scale this process and take it a step further into continuous monitoring of third-party risks.

Even though organizations might have performed third-party risk assessments at the beginning of the year, it’s possible that their business continuity plans didn’t include a response to a pandemic. It’s now necessary to understand how their third-parties’ operations and security have changed to determine if they are more vulnerable than they were before covid19.

These third-parties may have access to sensitive data, which could expose the organization to confidentiality, integrity, and availability risks. Therefore, technology plays an increasingly key role in supply chain risk management.

As the pandemic extends and corporate networks adapt to allow workers to connect remotely, investing in security measures is especially critical. Dedicated third-party risk management tools are able to detect, score and monitor risks to keep the corporate network safe, while also allowing for better financial and compliance control.

How to know if you need a TPRM tool?

Here are some questions that can help you detect the need for a dedicated TPRM tool:

  • Do you email security questionnaires to third-parties?
  • Do you ask for other security artifacts like a SOC report or Pen test?
  • Do you feel that there’s a lot of manual and repetitive work around your assessment process?
  • How many third-parties do you assess per year?
  • How many would you like to assess?
  • Is there any interest in making this process more efficient?

One of the most frustrating parts of third-party risk management is the manual effort it requires when conducted via emails and spreadsheets, which often leads management to think it’s an expensive area. However, technology enables the automation of the process, allowing for resource reallocation and savings.

Covid19 showed that things can change in a second, so the need for continuous risk monitoring becomes evident. If you assess third-parties on an annual basis, how can you guarantee that you will be OK for the remaining 364 days of the year?

You guessed it right: ThirdPartyTrust can help you streamline and automate the third-party risk assessment process. It’s a one-stop platform to:

  • Automate security questionnaires, scoring and analysis
  • Gather evidence (SOC reports, insurance certifications and pen tests)
  • Unify the view into the entire risk assessment lifecycle
  • Combine initial due diligence with continuous monitoring to make faster and better risk based decisions
  • Access 17,000+ third-party profiles populated with SIGs, SOC reports, Pen Tests, etc.
  • Manage third-party findings and remediation
  • Centralize communication with third-parties
https://www.youtube.com/watch?v=DdHbrOKlIUo&ab_channel=ThirdPartyTrust

Bottom line, the role of technology is to help you navigate third-party risk management – even during these uncertain times!

 


 

To learn more about how ThirdPartyTrust can help you streamline your TPRM program, request your free trial now:

 

Trial Account Sign-Up
Sabrina Pagnotta
Sabrina Pagnotta
Sr. Content Strategist
  • Phone
    |+1-617-245-0469
  • Address
    |
    111 Huntington Ave, Suite 2010, Boston, MA 02199
  • Sales
    |sales@bitsighttech.com
  • Contact Us
Laika_SOC2_TypeI_PurpleIris        CSA_Trusted_Cloud_Provider

©2022 ThirdPartyTrust, LLC and its Affiliates. All Rights Reserved. | 111 Huntington Ave. Suite 2010 Boston, MA 02199
  • PARTNERS LOGIN
  • CONTACT US
  • PRIVACY POLICY
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Reject AllAccept
Cookie Settings
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT