Tackling the-challenges-of-third-party-risk-management

Created & Designed by : Society of Cyber Risk Management & Compliance Professionals - Opsfolio.com. Copyright © 2017 by Netspective Communications LLC
Tackling The Challenges of
Third Party Risk Management
Cyberattacks can have a devastating impact in terms of reputation and customer trust. The true cost of a serious data breach is hard to calculate.
How seriously is your
company treating the
risk of a data breach?
Have you done due diligence
on all of your vendors and
third-party partners?

According to
Verizon's 2015
Data Breach
Investigations
Report….
Society of Cyber Risk Management & Compliance Professionals - Opsfolio.com. Copyright © 2017 by Netspective Communications LLC
No business can afford to ignore a threat like this and enterprises take the threat seriously. But are companies spending money in the right places? No matter how
much internal systems are tightened and improved, companies can still be exposed by third-party vendors.

Common Failures of Third Party Management
Failure to perform proper due
diligence and ongoing
monitoring.
Entering into contracts that could
incentivize a third party to take risks
in order to maximize profit, even if
those risks could be detrimental to
the bank or its customers.
Failure to properly assess,
understand, and document the risk
and cost of outsourcing services.
Entering into contracts without a
proper assessment of the third-
party's risk controls.
Engaging in third-party relationships
without a formal contract, or with
inadequate contracts.

Tackling Third Party Risk Management
You Should Always Ask Certain Questions.
Do they have data centers based overseas?
What data is being shared?
How often are vendors assessed?
What is the plan in the event of a third-party failure or breach?
Is there any possibility the third-party will subcontract?
Why are these services being outsourced in the first place?

Plan Properly
The planning phase should produce solid documentation, including a comprehensive due diligence report, a map of third-party relationships, risk assessments,
performance reports, audits, and reviews.
Performance reports
Due diligence report
Audits
Risk assessments
Third-party relationship map
Review
Documentation

Re-imagining Vendor Assessments
The planning phase should produce solid documentation, including a comprehensive due diligence report, a map of third-party relationships, risk assessments,
performance reports, audits, and reviews.
Implement a fresh approach to vendor assessment and an
understanding that issues must be addressed in a timely
manner.
Remediation efforts need to be audited, and there must be
room for companies to terminate when third parties cannot
or will not comply.

An Effective Framework For Third
Party Risk Management
Netspective’s Opsfolio Attest helps you to oversee your
third party relationships and avoid damages to your
reputation
Current state assessment
and gap analysis based on
leading practices.
Asking and managing risks
around third-parties and
vendors.
Detailed risk assessment of
specified risk parameters.
Running third-party audit
programs across operational,
information security, and
compliance risk, etc.
Offering in-depth third-
party risk reports.
Opsfolio Attest Features:

Source: https://www.csoonline.com/article/3005320/application-security/the-challenges-of-third-party-risk-management.html

Tackling the-challenges-of-third-party-risk-management

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