Third-Party Risk Management
Large enterprises couldn’t do business without a host of partner companies: Facilities contractors, transportation providers, product suppliers—the list can number in the hundreds. Since one of the most prominent retail breaches began as a simple phishing email in an HVAC vendor, corporations are right to be nervous of vendor relationships.
Secure Digital Solutions (SDS) offers a streamlined third-party risk management program. We build our services around proper vendor classification, risk assessments geared to each category, and efficient workflow to manage vendor risk assurance.
Vendor risk management tools can help
Third-party risk management automation tools have come a long way. Those SDS uses ensure that vendors are placed in the right category, given appropriate policies, and monitored with effort that matches their classification. We will take these actions for your company:
- Review current vendor management processes and procedures; develop or amend if necessary
- Create and conduct third-party risk assessments appropriate for each vendor risk classification
- Configure vendor management solutions to align with current or proposed process and policy
- Provide scheduled reporting to management regarding program performance
- Report on vendor risks and provide recommendations for corrective action
Riding herd on hundreds of contractors can be daunting, especially through manual processes where the margin of error is high. Retaining SDS to conduct or improve your third-party risk assurance program is “low-hanging fruit”—with high ROI.