While you may have excellent Security & Privacy programs in place in your organization, thereby have things under control within, your vendors and external third parties are probably giving you sleepless nights.
After all, so many of your key business processes and activities are outsourced to third parties today. Many of whom are directly plugged into your infrastructure and/or have access to your data.
What’s more, end of the day, you are responsible and accountable to all your stakeholders for any adverse actions and incidents that may take place at your vendors end. Essentially, you carry the liabilities and pay any fines & penalties.
Which is why having a robust Vendor or Third Party Risk Management process needs to be in place.
This is often easier said than done. While you may have stringent contracts signed with all vendors, how do you check if the requirements specified for privacy or security have actually been adhered to?
To address that, you probably have an audit & assurance program already in place. For the high-risk vendors, you probably have an external auditor appointed to audit the vendor periodically. For the medium or low risk vendors, you probably resort to a self-assessment methodology via a questionnaire they are required to fill out that is supported by some evidences. If you have a large vendor base, you do all of this via a ‘sampling’ basis – where not all vendors are covered.
All of the above is a great approach. However, if you have run the above program, you understand the logistical challenges well:
Tired of the above? Now there is light at the end of the tunnel!
Arrka’s Vendor Risk Management solution makes your life simple. Offered off our Arrka Privacy Management Platform, our VRM solution enables you to:
All this and more makes your life easier.
For further details and a demo, contact us.