Your organization is constantly looking for ways to expand its partnerships while remaining secure and keeping risk to the business as low as possible. And you’re not alone – the vendors and third parties you deal with want the same.
That’s why OneTrust created the Third-Party Risk Exchange, where businesses can learn more about each other’s security posture, offer SIG Lite assessments on-demand, and house completed security questionnaires in one place.
Why is third-party risk management important?
Managing the risk posed by each business within your supply chain or business network is imperative to maintaining a successful security environment and vendor relationships.
While third-party risk isn’t a new concept, upticks in breaches across industries and a greater reliance on outsourcing have brought the discipline into the forefront like never before. Disruptive events have impacted almost every business and their third parties – no matter the size, location, or industry. In addition, data breaches or cyber security incidents are common. In recent years, the impact third parties had on business resilience was highlighted through outages and other third-party incidents. Some of the ways you can be impacted are:
- Internal outages and lapses in operational capabilities
- External outages affecting areas across the supply chain
- Vendor outages that open your organization to supply chain vulnerabilities
- Operational shifts that affect data gathering, storage, and security
Most modern organizations rely on third parties to keep operations running smoothly. So, when your third parties, vendors, or suppliers can’t deliver, there can be devastating and long-lasting impacts.
