Digital transformation makes organizations increasingly dependent on technology, therefore expanding their digital risk surface. As a result, updated digital risk strategies are required to best manage today’s challenges.
Digital risk management is an essential part of business management; it’s focusing on the threats and risks for enterprise information and the underlying IT systems processing, along with regulatory requirements for demonstrating compliance.
Third-Party Risk Management (TPRM) is the process of identifying, assessing, and controlling multiple risks presented throughout the lifecycle of your organization’s relationships with third parties (contractors, partners, cloud providers, etc.).
This process often starts during procurement and extends all the way through the end of the offboarding process. Our TPRM solutions will guide you through the entire process through:
✓ Vendor Onboarding: Create a consistent, reliable process for vetting new vendors,
✓ Inherent Risk Scoring and Vendor Classification: Determine Due Diligence levels and assessment scope from inherent risk scores,
✓ Vendor due diligence and ongoing monitoring: establish an objective pre-contract process and post-contract cadence,
✓ Automated vendor risk assessment: automatically scope vendor risk assessments and score via preferred responses,
✓ Vendor issue management: identify, manage, and remediate issues across assessment processes,
✓ Vendor contract management: manage third-party agreements, contracts, terms, and other legal documents,
✓ SLAs and vendor performance management: track SLA and perform periodic vendor service reviews,
✓ On-site Vendor Control Assessments: evaluate the effectiveness of third-party control execution with vendor control assessments.
Risk ratings are a data-driven, objective, and dynamic measurement of an organization’s security posture. They are created by a trusted, independent security rating platform making them valuable as an objective indicator of an organization’s cybersecurity performance, helping drive informed decisions about your organization and your entire supply chain.
✓ Risk Scoring: provides data-driven, dynamic measurements of an organization’s cybersecurity performance,
✓ Cyber Performance Management: helps security and risk leaders take a risk-based, outcome-driven approach to managing the performance of their organization’s cybersecurity program through broad measurement, continuous monitoring, and detailed planning and forecasting in an effort to measurably reduce cyber risk,
✓ Supply Chain Digital Risk: Have the confidence to make faster, more strategic cyber risk management decisions. Using Risk Ratings, organizations can quickly launch, grow, or optimize their supply chain risk management program with the resources they have today.
Organizations face many challenges when managing digital risk and compliance requirements. Compliance data is often stored in multiple spreadsheets that represent one specific point in time. On the other hand, multiple business units track risk and compliance data across the organization using a variety of methods and tools, resulting in a non-uniform way, while manual processes and spreadsheets make it very difficult to get meaningful information about informed risk decisions.
A GRC platform provides a common foundation for managing policies, controls, risks, assessments, and deficiencies across your entire line of business, offering:
✓ Flexibility: By offering a point-and-click interface for building and managing business applications, even non-technical users can automate processes, streamline workflow, control user access, tailor the user interface and report in real-time,
✓ Uniformity: GRC Platforms provide a common platform to manage policies, controls, risks, assessments, and deficiencies across all units within your organization. A uniform and unified approach eases system complexity, strengthens user adoption and reduces enablement timeframe,
✓ Collaborative: GRC Platforms enables cross-functional collaboration and alignment between business users from different departments (IT, finance, operations, legal, etc.) to create an integrated framework for managing digital risk.