The threat of breaches, information security, public scrutiny, and regulatory fines have put Vendor Risk Management at the highest priority. Without proper oversight, and a tool to systemically capture, assess, and mitigate third-party risks, your company is exposed.
Executives are continually evaluating corporate risk and compliance activities that are imperative with corporate governance and strategic business objectives. The challenge is how to give executives, auditors and managers a comprehensive view of the enterprise’s risk and compliance posture.
With data breaches at some of the most sophisticated organization (ie Adobe, Target, Sony), security strategies are common board level discussion. The threat is at the weakest links, and are continually evolving as targeted attacks against an organization’s 3rd Party entities to gain “backdoor” access to your critical assets-systems. These risks are being compounded by the sheer volume of threats, and complexity of these outsourcing arrangements. Now add the increasing demand from regulatory compliance and the stringent guidelines on how an organization must manage third-party suppliers by requiring risk assessments of all vendors; and not just the critical ones.