Third-party risk has been a serious issue for organizations in terms of cybersecurity.
Even normal business activities like interacting with suppliers or utilizing online services may leave your organization vulnerable to cybercrime resulting from third-party security failures. Lack of visibility into vendor cybersecurity has the potential to put your organization’s operations and data at risk.
Additionally, executives and stakeholders alike share concerns about providing proof of due diligence in protecting their organization and its customers.
Despite the growing risks and threats, many businesses lack the time and resources to maintain an effective third-party risk management program.
Conducting an initial vendor due diligence review when beginning a new third-party partnership is no longer a suitable management strategy. Organizations need to be constantly reviewing and monitoring possible risks, which is difficult to accomplish without vendor and procurement management technology.
Compounding the challenges of effective risk management, regulators have become increasingly strict as cyberattacks sweep the globe. Attempting to follow all compliance guidelines while using manual management methods is time consuming and resource intensive. However, adopting risk management software can allow your organization to streamline third-party management processes through automation and data integration.
Time to take the next step and explore the benefits of better third-party risk management? Get started with our Vendor Risk Management Best Practices Playbook.