3rd PARTY RISK ASSESSMENT
Third Party Risk Management or Vendor Risk Management is a practice that ensures service providers and IT suppliers do not introduce unknown risks that can cause business disruption, reputational damage or negative impact on business performance. Threat actors target third parties knowing they often lack adequate security measures as a means to infect organizations like yours. The resulting data breach to your business or agency could result in tens to hundreds of millions of dollars in damage. Third-party data breaches account for nearly 20% of all data breaches. We help businesses assess risk and find partners that don’t put their operations in jeopardy.
VENDOR RISK ASSESSMENT OBJECTIVES
- Ongoing commitment to your third-party risk management plan, from the point of onboarding and throughout the life of the engagement until it is time to consider an exit strategy.
- Enhance third-party vendor contracts. Draft contracts that clearly define the responsibilities and expectations of the third-party.
- Respond to vendor risk questionnaires
- Ensure compliance with regulatory requirements
- Develop a prioritized, actionable plan for vendor risk mitigation
- Assessing the risks of using third parties for a certain task in its respective industry.
- Performing due diligence before engaging third parties.
How We Can Help with Your Third-Party Risk Management Needs
Cyber Fusion Services can help with your organization’s third-party risk management needs in a variety of ways, including:
- Assisting you in developing a third-party risk management function, specifically tailored to your organization.
- Monitoring and assessment of third-party’s risk profile and any potential areas of vulnerability.
- Augmenting your organization’s current third-party management function by performing third-party risk assessments, following your vendor evaluation framework.
- Performing onsite third-party risk assessments, as required by your current process.
- Preparing and performing your third-party risk management process.