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Are your third parties a privacy compliance liability?

Exposing weak links across your supply chain to ensure data is secure

Katrina Dalao
Sr. Content Marketing Specialist, CIPM, CIPP/E
November 7, 2023

Aerial view of a warehouse employee moving packages on a pallet

With more data comes more responsibility. These days, organizations that collect, process, transmit, or store any personal data are finding themselves at the epicenter of a rapidly evolving landscape. Pressure is coming from all sides to ensure personal data is properly handled and protected. 

Not only is there an increase of privacy and security regulations across jurisdictions, but 86% of customers in the U.S. are becoming more concerned about data privacy. “The general public’s awareness around the potential harm they could experience if their data is misused or abused has really never been higher,” says Chris Paterson, Director of Strategy, Third Party Management at OneTrust.   

Maintaining data privacy and security within internal systems is already a challenge. But what happens when the data is out of your hands? The average organization works with 10 different third parties — and with every one of those third parties comes 60 – 90 times that number of fourth-party relationships. 

That’s a lot of parties. But no matter who is holding your data, any breach or incident that takes place is ultimately your organization’s responsibility. 

 

The shifts in privacy and security regulations, and how data flows throughout the third-party management (TPM) lifecycle, requires constant monitoring and oversight. How can you ensure your organization stays protected and compliant?

OneTrust Third-Party Management takes a data-centric and risk-based approach to increase visibility across your third-party engagements. 
 

Integrating data privacy compliance and security

There are hundreds of laws, regulations, standards, and frameworks designed to help organizations properly handle data — and nearly all of them include some guidance on how to manage third parties.

“None of these frameworks just focus on an organization's own internal operations,” says Paterson. “They require each organization that's subject to the framework to impose those same standards and expectations directly onto their third parties.” 

And this doesn’t only apply to data security. A substantial amount of privacy risk is also assumed whenever personal data is collected, transmitted, processed, or stored by third parties. 

As a result, compliance now involves a delicate balance of both information security and data privacy standards. The following two frameworks have recently been updated to encompass both security and privacy risks: 

  • ISO 27000 series: ISO 27001 was introduced in October 2005 as the first standard of the ISO 27000 series, designed to certify an organization’s information security policies. ISO 27701 came 14 years later, in August 2019, focusing on data privacy and balancing the recognized information security standard.
      
  • NIST standards: NIST CSF was first introduced in February 2014 as a set of guidelines, best practices, and standards designed to help organizations manage and reduce cybersecurity risks. The NIST Privacy Framework, which came six years later in January 2020, is a complementary framework that focuses specifically on managing privacy risks.  

 

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In the U.S., data privacy laws are also starting to ramp up. State-level regulations have already been introduced in California, Colorado, Connecticut, Iowa, Utah, and Virginia, as more continue to roll out across the country. 

 

Overview of the Third-Party Risk Management lifecycle 

Before diving into the specific data privacy strategies, let’s first walk through the third-party risk management (TPRM) lifecycle.  

“Of course, one size does not fit all — every organization is going to have a little bit of a different flavor as to how they do this,” says Paterson. “But having worked with thousands of customers across the third-party management and privacy space, we've distilled this into five key areas organizations should be evaluating,”

 

Graphic listing the different stages of the third-party risk management lifecycle and what each step consists of.

 

Stage 1: Intake 

The first stage focuses on centralizing the collection of all third-party information, which eliminates multiple entry points and potential blind spots further downstream. 

Centralization can be accomplished through a single self-service portal, where employees request the addition of vendors, suppliers, or other parties, or as part of a contract lifecycle management or resource planning tool.

Implementing a self-service intake process gives organizations a head-start on gathering critical third-party information, including privacy certifications, engagement scope, and data types. This helps classify and prioritize third parties from the very beginning, based on their inherent risk to the organization. 
 

Stage 2: Screen

The second stage is to screen and conduct due diligence checks on potential third parties. Some questions to ask during this step include:

  • How do we check to make sure this potential third party doesn't have political exposure? 

  • How do we check for cases of anti-money laundering, anti-corruption, or bribery? 

To answer these questions, organizations typically check third parties against sanctions lists, watch lists, or even media sources to identify issues that could pose a high-risk relationship.

In most cases, TPRM will go beyond data privacy and security. It’s important to look at all other types of risks, such as regulatory compliance, ethics, ESG, geopolitics, etc., that can have a potential impact on your operations. 

The goal of this step is to uncover any risks associated with the third party and, if your organization still decides to pursue the relationship, to design an appropriate assessment and mitigation approach.

 

Stage 3: Assess

Out of the entire TPM lifecycle, the assessment stage is the most time- and resource-intensive. It’s also where risk management can be combined with privacy evaluations and other compliance concerns for a more holistic assessment. 

Streamline assessments by leveraging dedicated tools that have built-in templates to address various risk domains, including privacy and compliance, data protection, cyber risk, and more. 

A third-party risk exchange can also provide pre-validated information to help fact-check the information provided by the third party.  
 

Stage 4: Review

Now it’s time to review all the third-party information and insights collected during the previous stages.  

For instance, say a third party that’s under review demonstrates a mature security posture, but is just starting its privacy program. It can’t define whose data it’s collecting, the data elements being collected, and the purpose for data processing. This presents a significant privacy risk to your organization. 

Based on these findings, stakeholders can now assign an appropriate risk score and criticality level, and determine the best approach for managing the particular third party. 

 

Stage 5: Monitor 

As new risks and regulations arise, and a third party’s scope of service evolves, ongoing monitoring is critical to maintaining a healthy relationship.

Effective third-party monitoring typically includes a routine of:   

  • Assessing specific risk areas.

  • Setting a recommended assessment cadence.

  • Determining what to include in the questionnaire sent to each third party (based on the specific domains, business scopes, security and privacy compliance). 

“In my experience, this stage is where a lot of organizations have a tremendous opportunity to improve efficiency — by automating the ongoing monitoring of third parties,” says Paterson.

 

5 tips to reduce exposure to third-party risk 

As your organization continues to grow its third-party network, it’s necessary to establish a trusted process that identifies risk and reduces exposure across domains. 

Here are some of the proven tips to maintain privacy and security compliance at every step of the TPM lifecycle:

 

Tip 1: Understand where your data is going 

An organization may already manage hundreds or thousands of third parties. But when it comes to personal data, keeping tabs on third-party processes is not enough. You need to track how data moves from the third party to fourth party, to the Nth party, and so on.  

For a complete understanding of where your data is going, ask potential third parties about the other parties they use. This is especially critical for complex operations, such as: 

  • Cross-border data transfers, which often involves additional compliance requirements.

  • Third parties with a wide scope of multiple services, as each service may involve different types of data.

  • Additions or changes to a third party’s scope that require updates to contracts and assessments.

Build a model that can help teams visualize every step your data takes as it moves between parties (as shown below).

Visual model of the steps your data takes as it moves from you to third-parties and beyond.

 

“If a third party is not willing to disclose how they collect and process data and they're not willing to come to terms with the purpose of processing you’ve set as part of that overall engagement, that’s definitely a privacy risk you have to look into,” says Ashwin. “Do your due diligence and be able to quantify the third party’s risk to the organization. At the end of the day, it’s a business decision you have to make as a team or organization.” 

 

"If you don't ask, you'll never know. Many third parties will not disclose information about things like ultimate beneficial ownership unless they're directly prompted to disclose it."

 

Chris Paterson, Director of Strategy, Third Party Management OneTrust

 

Tip 2: Adapt workflows based on impact of risk 

Not all third-party risks are created equal. However, many organizations send the same blanket assessment with thousands of questions to every one of their third parties. 

The result? Assessment fatigue among the third parties that have to provide the information, as well as across the internal teams tasked to review each response.   

A better approach is to assess third-party risks per domain. “Whether it’s privacy, security, or something else, a lot of organizations see success when they branch out their workflows and quantify risk in a way that actually helps understand the source of that inherent risk,” says Paterson. 

By only asking what’s relevant to that particular third party, you create a considerably easier assessment process and deliver more accurate and precise responses.

Bar showing that third-party risk can come in a spectrum, from low risk to how risk.

 

Tip 3: Leverage contracting to break down silos

Contracting is one of the most critical elements to building a TPM program. 

“What we tend to see in a lot of organizations is that the teams focused on contracting and the teams focused on data protection, security, and compliance work in silos. They often see each other as a hindrance to their own undertaking,” says Paterson. “But we should really think about how to integrate the concepts that ensure data from one side of the fence is being clearly translated over to the other.” 

A comprehensive contract draws insights from all stakeholders. For example, contract lifecycle management will prioritize the third party’s contractual obligations. On the other hand, TPM will look at the types of risk and security controls, while privacy will focus on data protection and retention policies.

By ensuring that a third-party contract covers all these concerns, organizations are better able to mitigate the risks associated with third-party relationships.

 

Graphic of two lists showing the steps included in contract lifecycle management and third-party risk management.

 

Tip 4: Prepare for the unexpected  

One of the most common mistakes in managing third-party risk is spending the majority of resources on evaluating and onboarding, and leaving very little for ongoing management. However, management is potentially the longest stage in the third party’s lifecycle and critical to mitigating risks in the long run. 

Prepare your organization for the unexpected by building defensibility with your third parties. This can include a variety of activities: 

  • Organizing all data in a single inventory, where privacy, security, and third-party teams can access and understand everything in scope.

  • Aligning stakeholders across teams to share insights that can help better achieve common goals.

  • Running a tabletop exercise with critical third parties to understand what would happen if they suffered a breach.

  • Reviewing any potential changes that may impact your organization’s risk exposure, and continuously refining established TPM practices.

 

List of ways an organization can prepare for unexpected data breaches, regulatory rulings, and other abnormal events.

"The main thing is to free up more time for TPM and privacy teams to engage directly with third parties throughout the lifecycle, rather than trying to frontload all of the risk identification components."

 

Chris Paterson, Director of Strategy, Third Party Management OneTrust

 

Tip 5: Identify areas for easy automation

Graphic showing the areas where automation can help streamline the third-party risk management lifecycle: Intake, screening, assessment, review, monitoring, and analysis.

 

As with any routine process, automation can greatly help streamline operations and reduce unnecessary manual effort. Here are key opportunities for automation at each stage of the TPM lifecycle: 

  • Intake: Automate data collection through a self-service portal, which can be used by teams to request a new third-party service or view details for existing third parties.

  • Screen: Leverage automation to conduct initial due diligence, check against government sanctions and watchlists, and perform data analysis for every potential third party.

  • Assess: Implement workflow intelligence to automatically identify gaps or risks, trigger appropriate responses based on received inputs, and collect data to facilitate decision-making at scale.

  • Review: Automatically create and assign tasks to relevant teams to perform third-party reviews based on questionnaire responses and other collected data.

  • Monitor: Implement automated threat detection and alert systems that notify teams of any issues or changes in the third party's risk profile.

  • Analysis: Utilize data analytics tools to automatically identify trends across third parties and generate reports and risk analysis for stakeholders.

 

Prioritizing data privacy in third-party management

As organizations continue to increase their use of third parties — and subsequently, their overall data and risk exposure — it’s even more critical for privacy and TPM disciplines to work together. Privacy teams offer an additional layer of data protection to the existing TPM focus on risk, regulations, and security controls.

The tips outlined above can help align teams at every stage of your TPM lifecycle. By centralizing all third-party data and using automation to streamline the process, an integrated privacy and TPM program facilitates compliance, maintains trust, and ensures data integrity.

 

Reduce risk, build trust, and enhance business resilience by unifying third-party management across privacy, security, ethics, and ESG. Book a demo today.

 
 


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How OneTrust can help scale your Third-Party Risk program

In this webinar, we provide a live product demonstration to show you how your organization can optimize and scale a third-party risk program.

October 18, 2022

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Webinar

Third-Party Risk

5 Ways to save time when assessing third parties for privacy and security risks webinar

Watch this webinar as OneTrust discusses how privacy and security teams can save time throughout the third-party risk assessment lifecycle.

October 11, 2022

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Webinar

Third-Party Risk

7 core metrics every third-party risk program must track (and how to track them)

We’ll discuss the 7 core metrics successful third-party risk programs track and how to track them, such as critical metrics to track as your program matures.

September 28, 2022

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Webinar

Third-Party Risk

Do you know your riskiest third parties?  7 warning signs you shouldn’t ignore 

Learn the top 7 red flags for risky third parties, mitigation tactics for reducing third-party risk, and key ways to streamline risk identification, and more.

September 22, 2022

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Webinar

Third-Party Risk

3 Strategies for simplifying privacy compliance when working with third parties

In this webinar, we'll discuss third-party risk management's role in privacy compliance and cost-effective techniques for maintaining records for compliance.

September 18, 2022

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eBook

Technology Risk & Compliance

The art of the enterprise IT risk assessment

Ensure your enterprise IT risk assessment is a success with a top-down approach that gets executive buy-in from the start

September 16, 2022

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Webinar

GRC & Security Assurance

Supply Chain Due Diligence Best Practices: A Practical Implementation Guide to LkSG Webinar

Watch our LkSG webinar to understand the scope of LkSG, how your company will need to adjust, and the repercussions of noncompliance.

September 07, 2022

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Webinar

Third-Party Risk

Security & privacy C-Level panel: Best practices for building your TPRM program

In this webinar, we discuss best practices for how privacy and security teams can work better to eliminate redundant work, save time, and be more efficient.

August 30, 2022

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Webinar

Third-Party Risk

10 best practices for streamlining your third-party risk management workflows

Watch this webinar to hear how to leverage third-party risk management workflow creation and maintenance best practices.

August 30, 2022

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Webinar

Third-Party Risk

Cybersecurity panel: How well do you know the threats posed by your third parties?

In this panel discussion, we address critical points such as defining the metrics to track in relation to third parties and their cybersecurity risks.  

August 28, 2022

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Webinar

Third-Party Risk

Third-Party risk and the U.S. privacy landscape: the top 5 things you need to know

In this webinar, we’ll review services providers under the ADPPA and outline how you can ready your third-party risk program to align with privacy regulations.

July 31, 2022

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Checklist

Third-Party Risk

LkSG readiness checklist: Is your company prepared for the German supply chain due diligence act?

Download our LkSG readiness checklist to understand your readiness for risk management systems and responsibilities, and due diligence obligations.

July 26, 2022

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Infographic

GRC & Security Assurance

The state of IT & third-party risk infographic

In this infographic, you'll discover third-party risk and learn how to operationalize a "3A approach", including addressing evolving risk factors and timelines.

July 19, 2022

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Webinar

Third-Party Risk

Better by tomorrow: 7 third-party risk assessment best practices you can implement today

In this webinar, we’ll explore these questions and layout 7 must-know best practices to conduct more meaningful third-party risk assessments.

July 15, 2022

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eBook

Third-Party Risk

Building your third-party risk management program

Understand what it takes to build a successful third-party risk management program through OneTrust's third-party risk management guide.

July 08, 2022

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Webinar

Third-Party Risk

How to comply: German supply chain Due Diligence act and Forthcoming EU rules

Join our panel of experts as we discuss the German Supply Chain Due Dilligence Act and the best practices for compliance.

June 15, 2022

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Webinar

Third-Party Risk

Third-Party risk best practices: How to align privacy & security teams for greater productivity

This webinar will discuss best practices for how privacy and security teams can work together to eliminate redundant work, save time, and be more efficient.

June 06, 2022

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Webinar

GRC & Security Assurance

Elevating your third party risk program with an integrated infosec platform

Join this webinar to learn how you can integrate your Third-Party Risk Management program within a broader IT Security platform

May 26, 2022

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Webinar

Third-Party Risk

Preparing your TPRM program: A 30-day implementation guide

In this webinar, we will provide you with the steps that you need to define a solid third-party risk management program

May 25, 2022

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Webinar

Third-Party Risk

Accelerating automation: How the pandemic forced third-party management to scale

Watch this webinar and see how the COVID-19 pandemic forced companies to accelerate automation and scale their third-party management.

April 26, 2022

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Webinar

Third-Party Risk

Secrets to Success: The winning game plan for security questionnaire response

Discover effective strategies for preparing security questionaire responses with our free webinar.

April 04, 2022

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Webinar

Third-Party Risk

Ready, set, launch your TPRM program: A 30-day implementation roadmap

Watch this webinar and learn how to launch an effective third-party risk managment program and practical methods to track success.

March 30, 2022

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eBook

Third-Party Risk

The shift to third-party management

Download our guide on third-party management and learn what you need to know to shift your buisness to TPM.

March 29, 2022

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White Paper

Third-Party Risk

Third-party risk: A turbulent outlook

Download this joint research report conducted by CyberRisk Alliance and Vendorpedia to understand today's third-party risk landscape.

March 02, 2022

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eBook

Third-Party Risk

The business value of third-party risk management software

In this eBook, learn the business value of TPRM software and why all leading organizations rely on it when working with third-party vendors.

February 03, 2022

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Webinar

Third-Party Risk

5 Ways to step-up your business resilience with better third-party management

Join this webinar to learn best practices on how your organization can step-up business resilience with better third-party risk management.

February 02, 2022

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Webinar

Third-Party Risk

Optimizing third-party risk: enhance automation with an integrated IT risk platform

Watch our free webinar to discover how to optimize your third-party risk program and reduce manual data management with automation.

February 02, 2022

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Webinar

Privacy Management

2022 Third-party trust predictions and preparations

Prepare for 2022 Trends in Third-Party Risk Management and future-proof your Third-Party Trust program.

January 04, 2022

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Webinar

Third-Party Risk

Are your third parties a privacy compliance liability? 5 Tips to reduce your exposure

This webinar will discuss how to create a Third-Party Risk Management (TPRM) program that prioritizes privacy compliance and simplifies record-keeping.

December 31, 2021

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eBook

GRC & Security Assurance

Vendor risk management for privacy professionals

Download the OneTrust Vendor Risk Management Handbook for an in-depth understanding of updated regulations, requirements and more.

November 17, 2021

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Webinar

Third-Party Risk

Are you a trusted vendor? 10 things every customer wants to know

Access this free webinar to learn how to be a trusted vendor.

July 22, 2021

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eBook

Third-Party Risk

Mastering the third-party risk management lifecycle

Download our third-party risk management eBook and get a complete roadmap to your TPRM lifecycle.

July 13, 2021

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Video

Third-Party Risk

Questionnaire Response Automation demo

Watch the demo of our Questionnaire Response Automation tool and learn how it helps vendors automatically answer any questionnaire.

April 08, 2021

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eBook

Third-Party Risk

The value of the Exchange Community for customers and vendors

Learn how an exchange community of customers and vendors improves security and builds trust.

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Webinar

Third-Party Risk

Third-party management academy

Join this webinar series, which will focus on the four foundational pillars of Third-Party Risk Management: Automation, Compliance, Reporting, and Collaboration.

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Webinar

Third-Party Risk

Building a strong security posture: managing compliance, risk and business engagement in a dynamic landscape

Watch our webinar and gain insight on how to navigate InfoSec's evolving compliance landscape.

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