Learn how to effectively manage risks associated with business associates and other third-party vendors.
Understanding Third-Party Risk
Key aspects of third-party risk:
- Data access
- Service dependencies
- Compliance requirements
- Security controls
- Business impact
Risk Assessment Process
Steps to assess third-party risk:
- Identify vendors
- Categorize risk levels
- Evaluate controls
- Document findings
- Monitor changes
Essential Controls
Key controls to implement:
- Vendor screening
- Contract requirements
- Security assessments
- Performance monitoring
- Incident response
Best Practices
Effective risk management includes:
- Regular assessments
- Clear requirements
- Documentation
- Monitoring
- Communication
Common Challenges
Organizations often face:
- Resource constraints
- Complex vendor networks
- Changing requirements
- Limited visibility
- Compliance gaps
For a deeper dive into SaaS risk, read Opinion: Third-Party SaaS Risk—Why JPMorgan's Warning Demands Action. See also Dior's China Data Breach and Marks & Spencer Data Breach for real-world examples.
Need Help with Third-Party Risk Management?
Our team can help you:
- Develop risk management programs
- Conduct vendor assessments
- Implement monitoring controls
- Ensure compliance