Security News > 2022 > March > Strengthening third-party vendor programs in times of crisis and beyond

To overcome these challenges, businesses must implement an agile risk management program that prioritizes third-party risk management.

Organization-wide alignment shifts third-party vendor processes from a "Check box" compliance exercise to a consistent, thorough process that underscores the significance of having a risk management program in place.

Key stakeholders across IT, HR and risk and compliance will be instrumental in not just the rollout of an improved third-party vendor program, but also in defining the scope.

The organization can manage enforcement for internal as well as regulatorily enforced best practices, while also ensuring that any third parties with access to these systems follow the same requirements, thereby creating uniformity of process and reducing risk.

In addition to assessing third parties, a key step in building a healthy risk management program is defining metrics.

While a robust solution with automated workflows will certainly resolve integration issues and streamline processes, organizational buy-in for third-party risk management programs is what defines resilient vendor relationships and a healthy compliance program.

News URL

https://www.helpnetsecurity.com/2022/03/24/third-party-vendor/