Security News > 2021 > July > How do I select a third-party risk management solution for my business?

To select a suitable third-party risk management solution for your business, you need to think about a variety of factors.

Third-party risk managers should review the goods or services their business provides, how third parties support different functions of the business, what processes they're involved in and what data they touch.

Companies evaluating third-party risk management solutions should verify that the solution offers the flexibility to standardize workflow needed for vendor onboarding, especially procurement and legal.

A vendor inventory that can easily identify the risk associated with the third party based on the exposure of your sensitive data and systems to that third party.

Considerations such as supervised versus unsupervised access, incidental versus continuous access to internal systems, can help determine the inherent risk associated with the third party and the type of surveillance necessary to mitigate that risk.

Utilizing a TPRM solution is the best way to get complete insight into your risk posture while providing the resources to quickly understand and act on the risks that threaten your organization.

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