Is third party risk management (TPRM) still not a priority in your organization? Do you need solid talking points to build the business case or get executive buy-in? In our latest webinar, industry insider and podcast host Gary Brickhouse shared valuable and actionable tips with almost 200 attendees from the TPRM field.
The webinar, titled ‘How to Convince Your Company that TPRM is a Priority’, is available to watch on demand here. It was co-hosted with our partner BitSight, and led by Gary Brickhouse, who is the VP of GRC Services at GuidePoint Security.
The session covers:
- Why TPRM is important for protecting an organization
- How to discuss TPRM with leadership and/or the board
- What industry trends are worth paying attention to
- How can TPRM impact a business’s bottom line
It’s a 30-minute informal discussion, where we dig into the why behind third party risk management. Essentially, risk exists out there, and if your organization is not actively monitoring vendor risk, you can’t know how much risk you’re exposed to.
For a high-level summary of the webinar content, check out this one-page primer >>
How to Prove the Importance of a Mature TPRM Program
Third-party vendors are crucial for businesses to scale and run their operations efficiently. However, their access to your data and network increases exposure to risk, which makes vendor risk and third-party risk management (TPRM) critical to increase visibility into the supply chain.
The covid19 pandemic accelerated digital transformation throughout most industries. The big concern now is that the technologies and third-party vendors used in this transformation can also be the conduit for attackers to gain access to data.
In fact, supply chain attacks are on the rise. They can cost millions, damage your brand, and have devastating effects, just like the latest attacks to Kaseya and SolarWinds showed.
According to a recent study from IBM, the average total cost of a data breach in 2021 is US$ 4.24 million. In addition, 60% of data breaches are linked to third parties, and 51% of companies have experienced a third-party data breach.
Financial loss is topped by:
Operational Risk – Business continuity can easily be compromised, as the Colonial Pipeline attack exposed.
Reputational Risk – Your customers’ trust is one of the most valuable assets to protect and can quickly erode.
Legal Risk – Being proactive with cybersecurity can mitigate suits for negligence and ensures compliance.
With all this evidence, you can now demonstrate to your company that TPRM has to be a priority.
How Can ThirdPartyTrust Help?
Once you’ve built your business case, you need a dedicated tool to maintain a secure vendor ecosystem. One that helps you easily understand the risk that third party vendors can bring to your organization.
ThirdPartyTrust can help you with any vendor risk management (VRM) initiative, creating a comprehensive program for your third party risk management (TPRM). From initial vendor risk assessments to risk mitigation and continuous monitoring; our platform allows you to put a process in place to ensure compliance and lower risk for existing and future third party vendors.
ThirdPartyTrust can save your organization time and resources by streamlining, automating, and centralizing your TPRM program. Increase workflow efficiency by up to 75% by eliminating emails and spreadsheets in your risk assessments, and ‘trust but verify’ your vendors’ security posture utilizing scoring providers to confirm security artifacts match up.
Let us show you how ThirdPartyTrust can help you build and scale a simplified TPRM program. Talk to an expert today.
Looking for a TPRM tool?
This buyer’s guide can hep you find the right tool that will put you on a path to auditable risk management and accelerate your journey to TPRM maturity.
Learn what makes a powerful tool on key aspects like trusted security ratings, operational improvements, integrations, pricing benefits, and industry-specific use cases.
