While cooperation between businesses has long been essential for an economy to function and thrive, in the digital age, companies are more interconnected than ever. Additionally, in today’s competitive landscape, companies must concentrate on their core competencies while leveraging third-party vendors’ expertise by outsourcing particular business functions. However, while this has numerous benefits, including increased efficiency, productivity, and cost-effectiveness, this … Read More
How to Build a Third Party Risk Management Strategy
The best way to manage third-party cyber risks is through effective third-party risk management (TPRM). TPRM focuses on identifying and reducing third-party risks from vendors, partners, suppliers, contractors, or service providers. Third-party risk management gives organisations of any size a thorough understanding of how third parties are used and what safeguards they have in place. TPRM programs are dependent on … Read More
Top tips on how to manage vendors more efficiently
Vendor management allows organisations to build relationships with service providers and suppliers while controlling costs, driving excellence and mitigating risks. The aim is not only to gain increased value from vendors throughout the lifecycle of the partnership but to strengthen both businesses at the same time. To effectively manage vendors, it’s not about negotiating the lowest possible price but constantly working … Read More
New vendor risk assessment with SIG questionnaire in 2022
The Standard Information Gathering (SIG) questionnaire is a configurable tool to enable the scoping of a diverse vendor risk assessment using a comprehensive set of questions to assess third-party or vendor risk. It is updated every year to keep up-to-date with the ever-changing risk environment and priorities. Developed by Shared Assessments, the SIG questionnaire allows organisations to build, customise, analyse, and … Read More
The security trends transforming vendor risk management
Third-party data breaches continue to grow at an alarming rate. A survey conducted by the SecureLink and Ponemon Institute revealed that over 44% of organisations suffered a third-party breach in the past 12 months. Out of the organisations that suffered a breach, 74% said that the cause was access given to third parties. The growing incidences of third-party breaches explain … Read More
Third-party vendor management best practices for your security posture
Businesses today are no longer singular entities that operate in silo; regardless of the size and scale of operations, almost every organisation depends on various third parties to carry out their activities without disruption. This also means means the importance of third-party vendor management has increased. To really benefit from outsourcing or specialisation, procurement teams have had to transfer a … Read More