“Take calculated risks. That is quite different from being rash.”
These words of wisdom from famed top U.S. General George Patton are something many risk managers would agree with, although following General Patton’s advice is easier said than done. Choosing the right risks to take can sometimes feel like a guessing game. And it sometimes feels like all bets are off when dealing with third-party vendors, who are notorious for having varying levels of cybersecurity protecting their networks and assets—the same ones interacting with your business systems.
But risk managers have found a powerful way to reduce enterprise risk using third-party cyber risk management (TPCRM). Here are some ways they’re using TPCRM to strategically guide their organizations’ partnerships.
How to Reduce Enterprise Risk with TPCRM
TPCRM provides you with a combination of two winning tools: Risk assessment technologies and a risk-based mindset that alters the way you view the organizations you interact with, particularly when it comes to the threats they may present to your digital assets.
Using TPCRM to Go Beyond Compliance and Develop a Risk-Based Methodology
Nowadays, most assessments involve aligning what you do with compliance standards, frequently at the expense of a genuine risk-based strategy. To measure risks and controls in a variety of scenarios—and also connect them to compliance frameworks and standards, you can use a third-party risk assessment solution. As a result, in addition to being aware of the biggest threats to your company, you can also keep it in line with compliance requirements.
Using TPCRM with Up-to-Date Data
The third-party risk management landscape has been changing, but the progress may not be fast enough to keep up with the changing threat landscape. For example, third-party risk management is starting to receive greater attention, but the tools and solutions that support it have often missed the mark and have been evolving too slowly. For instance, companies may use shared spreadsheets and custom evaluations. However, these frequently hide important information and risk due to being out-of-date.
On the other hand, the data resulting from a constantly updated, consistent, and organized methodology for third-party risk assessments is more relevant, recent, and usable as you assess your risk posture. As a result, teams across industries can quickly identify risks and produce insights for practical mitigation.
Leveraging TPCRM for Real-Time Visibility into Your Systems
To manage risk, you need all the visibility you can get. The security landscape is continuously shifting, and your vendors often take steps to reduce or eliminate risks, just like you do. However, if you are utilizing a static assessment, you have limited visibility into the current security posture of third parties and are probably too busy keeping up with manual data management to look for frequent changes.
Many companies have little or no trust in their capacity to manage third-party risk. But with a TPCRM program, that can change. Knowing which third parties provide you with the highest danger requires access to up-to-date risk assessment information on your vendors as well as any pertinent changes to their threat levels.
By using a risk management solution that continuously evaluates the cyber defenses of the vendors you do business with, you gain the exact kind of visibility you need to make confident decisions. You get an under-the-hood perspective as to how they’re managing their cyber risk. And you can use this information to estimate whether or not your ecosystem will be safe when connected to theirs.
For more on how to build an effective TPCRM program, download our free guide, Third-Party Cyber Risk Management for Dummies.
Using Security Ratings to Provide Objective Risk Assessments
Questionnaires and shared spreadsheets can easily misconstrue the actual risk profile of a company. However, with an objective security rating produced by a risk assessment system, you can quantify the risk of a vast number of companies without having to worry about whether or not the data you’re using is impacted by each company’s bias.
Security ratings provide several advantages:
- They enable you to establish a real-time picture of the risk posed by partnerships with businesses, third-party vendors, and supply chains.
- They give you confidence while purchasing a business because they provide an unbiased evaluation of the information security controls of a potential investment or M&A target.
- Insurers can make decisions regarding cyber insurance underwriting, pricing, and risk management because they can better analyze and price their insurance policies. This is thanks to the visibility they gain into the security program of those they insure.
- The ratings make it easier for governments to monitor and control the cybersecurity performance of their providers, reducing the risk to both their internal systems and the citizens and businesses who trust the government with their data.
Using an Online Risk Data Exchange
An online system that provides an exchange of risk data comes with several unique benefits, particularly when compared with manually having business partners fill out forms and spreadsheets. For example, with an online, cloud-based risk assessment platform you get:
- An online exchange that makes it easier to share data, analyze it, and prioritize the risks
- A holistic, independently verified understanding of a third party’s security posture
- Shareable enterprise-level evaluations for numerous clients, which enables you to compare them to each other
- Dynamic evaluations in the cloud that you can be updated regularly
- Built-in automatic validations that aid in the real-time detection and correction of issues that pose additional risk
Reduce Enterprise Risk with Third-Party Risk Assessment Tools
For risk managers with the George Patton mindset, third-party risk assessments may not be 100% safe havens from all risk, but they are powerful tools that provide decision-makers with the ability to make balanced, well-informed judgments. If you’re like many risk managers, it might be time for a fresh strategy if your assessments aren’t giving you the right insights to reduce the risk posed to your firm from vendors.
CyberGRX’s cloud-based data exchange provides you with a comprehensive collection of machine learning-powered risk assessment tools that give you the data you need to significantly reduce your organization’s third-party risk. Learn more by setting up a demo today.
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Company experiences three-digit customer and revenue growth in Q1 alone; brings first-of-its-kind features to market..
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The ONE Thing All Modern Third-Party...
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How Remote Work Has Changed On-Site...
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CyberGRX Product Guide
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Understanding Your Cybersecurity Risks During the...
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War in Ukraine: Monitoring Resiliency in...
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Log4j Vulnerability: A Lesson in Third...
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Log4Shell and Threat Profiles
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Log4Shell and Third-Party Vendors: How Will...
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How To Create a Results-Driven Supplier...
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5 Easy Ways to Increase Your...
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How Predictive Analytics Will Keep You...
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Predictive Risk Profiles Data Sheet
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Expert Interview: Continuous Monitoring of Third-Party...
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ISACA Summit Replay: Cybersecurity is an...
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CyberGRX vs. Competitors: A Comparison Chart
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ProcessUnity Team Kicks Off National Day...
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UK PRA Guidelines: New Strategies for...
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Ransomware & Your Third Parties: A...
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Introducing Enhanced Portfolio Management Features
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ESG Reporting Mandates to Know for...
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Ransomware Vendor Ecosystem Visibility Report
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CyberGRX Ransomware Threat Profile & Ecosystem...
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Exchanges, GRC Tools, and Risk Scans:...
It’s like comparing apples to baseball stadiums: If you are (or will be) evaluating solutions..
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Supplier Risk Management Strategies for Healthcare...
The COVID-19 pandemic served as a wake-up call for supplier risk management programs globally. Formerly reliable..
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Recently, thousands of Kaseya VSA servers were exploited using a malicious update payload. Bypassing access..
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While the July 4th weekend meant celebrating the United States’ Independence Day holiday for some,..
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Risk Assessment Methodology Data Sheet
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Anatomy of a Third-Party Data Breach
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Checklist: TPCRM in the Retail Industry
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Regulations and compliance requirements are constantly changing, and this can make it challenging to efficiently maintain compliance...
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Quantifying inherent risk for third parties is one of the most important aspects of a..
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The Cyber Info Exchange Episode 6:...
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What Is Third-Party Risk Management: The...
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The Importance of a Flexible Cybersecurity...
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EBA Guidelines and Supplier Risk Management
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The SolarWinds breach, while incredibly serious, is a flash in the pan brought upon by..
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Reporting on the State of Your...
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Cybersecurity Risk has Changed the Chief...
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How to Address The Top Third-Party...
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What is a Cybersecurity Framework?
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CyberGRX modernizes and streamlines redundant and inefficient processes that come with shared and static..
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Are Third-Party Cloud Applications Putting Your...
In May of 2017, it was discovered that an exposed data repository, an AWS S3..
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Third-Party Risk Management Best Practices
New Guide Offers Expert Advice for Effective and Efficient Vendor-Risk Processes A robust, effective, and..
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Blackstone ROI One-Pager
Contact us today CyberGRX’s platform has helped Blackstone create a more efficient third-party risk management..
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When they determined the number of third-party cyber risk assessments they’d be doing was going..
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Blackstone Case Study
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TPCRM 101 Guidebook
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Gartner Names ProcessUnity a Leader in...
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Why Vendor Risk Management Should Be...
As the severity and cost of data breaches continues to increase, Vendor Risk Management has never been..
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Auto Inherent Risk Data Sheet
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Compliance Week Recognizes Abercrombie & Fitch’s...
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7 Security Controls You Need For...
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Revolutionizing Third Party Risk: How to...
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Pandemic Questionnaire Guidance & Vendor Assessment...
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The Cyber Info Exchange Episode 4:...
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ComplySci ROI One-Pager
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How Third-Party Risk Management Can Help...
This post originally appeared on LinkedIn. To view the original article, click here. We understand the..
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How to Spot Your Riskiest Vendors:...
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Third-Party Risk Management: From A to...
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APRA CPS 234: Everything You Need...
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Metrics to Avoid When Discussing Cybersecurity...
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2019 Was A Banner Year for...
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Outside-In Scanning Is Not Cyber Risk...
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ProcessUnity Scores Highest in Gartner 2019...
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CPG Case Study
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ProcessUnity Positioned as a Leader in...
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What the European Banking Authority Guidelines...
Using the European Banking Authority (EBA) guidelines to streamline your supplier risk management program Simply..
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Solix Case Study
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The Latest CCPA Update: Amendments to...
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The vast majority of people get annual physical examinations and automotive tune-ups – why shouldn’t..
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How To Improve Your Third-Party Inherent...
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The Latest Retail Breaches: Third-Party Data...
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CCPA and GDPR Compliance for IT...
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Sarbanes-Oxley Compliance: Five Steps to Cleaning...
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CyberGRX Enriches Third-Party Cyber Risk Management...
CyberGRX Auto Inherent Risk Automates a Time-Consuming, but Critical Step, Bringing Immediate and Valuable Insights..
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Hey Third Parties! Here's How to...
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Tips for Preparing For Your Third-Party...
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How Financial Ratings and Cybersecurity Scores...
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Poll: Over Half of Risk Managers...
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First GDPR, Now CCPA: Manage Your...
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Essential Technical Security Controls to Promote...
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Evaluating Third-Party Risk Management Software? Speed...
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It’s a Wrap: Four Takeaways from...
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Creating a Third-Party Cyber Risk Management...
I’ve spent almost 30 years in the IT security space and half of that engaged..
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Cyber Risk: What is it and...
Cyber risk is a hot topic these days, and rightfully so. By 2025, Gartner estimates that “45%..
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The Cost of Third-Party Cybersecurity Risk...
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Trust, But Validate: Building Confidence in...
Overview Security assessments come in all shapes and sizes. Some have tightly defined scopes and..
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How ComplySci Spends Less Time on...
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How Blackstone Assessed 3x More Vendors...
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5 Reasons to Accept a CyberGRX...
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Third-Party Management Maturity Model White Paper:...
ProcessUnity’s recent white paper, the “Third-Party Risk Management Maturity Model,” helps you understand where your..
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New Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
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Technology Case Study
After a technology company doubled the size of their vendor ecosystem, they sought to secure..
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Third-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
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ComplySci Case Study
ComplySci Proactively Shares CyberGRX Helps ComplySci Reduce Time Spent on Assessments with Proactive Sharing Proactive..
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New Report Predicts Significant Market Growth
MarketsandMarkets has published a new report that states that the global Vendor Risk Management market..
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Vendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
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Think GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
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Risk & Compliance – The Build...
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Incorporating Content Services into Your Vendor...
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Regulatory and Management Reporting for Vendor...
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SLAs and Vendor Performance Management
Not all business relationships require a service-level agreement (SLA), but good vendor performance management is..
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Formalizing Vendor Risk Management - Keep...
When starting to build a formal Vendor Risk Management program, it’s important not to overcomplicate..
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Six Tips for Building Effective Vendor...
A well-designed vendor risk assessment questionnaire is vital for a successful Vendor Risk Management program...
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The 2017 State of Third Party...
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eBook: 8 Reports for Effective and...
The foundation for an effective and efficient Vendor Risk Management program is solid reporting. The..
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The Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
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How to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
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Mitigating the CFPB Audit Process
In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau..
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The Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
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The State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
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45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
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FFIEC Cybersecurity Assessment Tool: What You...
Cybercrime is a hot topic among GRC practitioners these days. It should be. According to..
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Case Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
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Change Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
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Introducing ProcessUnity’s Summer 2015 Release
Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
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Channel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
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Five Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Does Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.