Managing third-party risk is a big undertaking. Most financial institutions have tens of thousands of supplier relationships, and many data breaches originate through IT Vendors within the supply chain. Not only are the risks associated with third-party vendors increasing, but regulators are turning their attention to the need for organizations to manage IT vendor risk more effectively.
Organizations should start by compiling a comprehensive inventory of all partnering third-parties and their associated risks, which will enable management to segment IT vendor risk accordingly and focus efforts by priority. They should also designate a business owner for managing third-party relationships, and provide them with the right decision-making powers to establish a disciplined governance and escalation framework for dealing with incidents that occur.
By implementing such best practice organizations can streamline, automate and integrate IT Vendor governance, risk management, compliance, and audit programs, to build a new, more effective paradigm of supply chain performance. Join this education session as we address these key concepts and challenges for managing third-party risk to strengthen IT vendor governance.