Tag: third party risk management software
Third-party vendors and suppliers play a crucial role during a business’s success. As a part of the availability chain, whether it’s services or goods, companies believe their third-party partners. This often leads to a sequence of connections between the business and supplier that hackers can potentially exploit
Third-Party Risk Management software is that the process of identifying, assessing and controlling these and other risks presented throughout the lifecycle of your relationships with third-parties. This oftentimes starts during procurement and extends all the way through the top of the offboarding process.
Given the breadth and potential severity of risks that are inherently present with third parties, Third-Party Risk Management software has quickly evolved from a ‘check-the-box’ process to a substantive function, complete with policies, procedures and systems, in companies that are serious about managing third-party risk. These companies are now taking more comprehensive steps to make sure that their third parties not only suits regulations, but also protect confidential IT information, avoid unethical practices, continue a secure and healthy working environment, strengthen supply chain security, handle disruptions effectively, and sustain top quality and performance levels.