Are You Ready to Kickstart Your TPCRM Program?
Answer 3 questions and we'll provide expert advice including best practices and words of caution along the way.
Pro Tip #1 - Start By Identifying Risks
Gain full visibility into your third-party ecosystem, including how you interact with each (i.e., Do they handle your data? Do they touch your networks?) and the potential risk that they pose to your organization. Understand the business exposure each third party imposes.
Caution: If you’re not closely aligned with procurement, relationship managers and other stakeholders, your program will always be behind. Work diligently to convince your company that you should be involved in the front end of the relationship rather than after the fact.
Pro Tip #2 - Don't Use Static Spreadsheet Assessments
Perform an appropriate assessment on each tier to understand business exposure from each. Do not use spreadsheet-based assessments! Automate this process with technology that is scalable and secure.
Caution: If you store completed assessments in a GRC tool or other repository, but do not have an up-to-date view of your third parties, your program will not have the ability to perform the appropriate level of due diligence.
Bonus Tip: Mitigate + Collaborate
Collaborate with each third party to prioritize remediation steps, track progress and drive to completion.
Caution: Without the ability to automate communication steps via a platform (rather than email, phone or “sharedspreadsheets”), your ability to scale your Third-Party Cyber Risk Program past 8-12 third parties will be limited.
Assessment Tiers? Learn More
WHAT'S THE ROI?
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