Getting Value from Third-Party Risk Management

Getting Value from Third-Party Risk Management

The world is complex and chaotic with unprecedented levels of change happening very quickly. Never has it been so dependent on global supply chains, as illustrated by the disruption arising from the Covid-19 pandemic, the blocking of the Suez Canal, energy supply shortages and rising inflation. It is unsurprising then, that a rising concern on the risk management agenda has been third-party risk management.

At the same time, business is being transformed by new technology with new digital products and services forecast to add $100 trillion of economic value over the next decade. Digital transformation facilitates new ways of interacting and collaborating with customers, partners and other stakeholders.

Organizations are no longer easily defined with clear boundaries and instead are an extended web of vendors, suppliers, partners, agents, consultants, contractors and many other third parties, all relying upon digital products and services.

As a result, the success of an organization depends on the performance of its third parties and can be severely disrupted by events outside of its control. With dwindling budgets and expanding workloads, risk teams need an approach to third-party risk management which is effective at addressing cyber and digital risk as well as more traditional operational risks across they supply chain without being overwhelmed by the scale and cost of the task.

This Acuity whitepaper tackles how to ‘do more for less’ in Third-Party Risk Management (TPRM), exploring:

– How to focus your engagement with third-parties on the areas that really matter;

– Strategies that will deliver better security for lower cost;

– How technologies can help you create a cohesive third-party risk management framework, reduce risk and keep on top of the ever-changing supply chain risk landscape;

– The challenges of controls-based questionnaires for third parties, the problem with risk heat maps, quantitative assessment of operational risks, and more.

Acuity Risk Management helps companies protect today and prepare for tomorrow with our award-winning cyber, operational & IT risk management platform STREAM. Purpose-built for risk management from the ground up, Acuity’s STREAM platform provides an integrated view of risk bringing cyber risk together with IT and operational risks to provide a comprehensive view of risk and compliance across the enterprise. The platform models all of the complex relationships that exist in cyber security risk management and presents the results in business terms via an intuitive user interface such that security leaders and executives can make informed risk decisions. 

For help with managing third-party risk, you can contact us here, via email at [email protected] or by phoning +44 (0) 20 36985803.