Third Party Risk Management

What is Third Party Risk Management & Why is it Important?

Third-party entities that your organization work with can pose risks in a variety of ways. From the poor implementation of required security protocols to a lack of in-depth personnel vetting, there are many ways that security vulnerabilities with third-party vendors can translate to a security incident for your organization.

The risk that third-party vendors pose organizations is often not well understood. This leads to organizations exposing themselves to unnecessary risk that is otherwise avoidable. Understanding the scope of security and cyber risks you face from third-party providers can help you make calculated organizational and operational decisions that are fully informed. Creating a third-party risk management policy should be a necessary component of your cybersecurity strategy and fully backed by senior management.

When it comes to third party risk management, you need an experienced partner to help you manage critical information systems and data that your partners and vendors are involved with. With an experienced third party risk management partner, you’ll effectively create an always-on, 24/7 buffer between your at risk third party data and would-be hackers and cyber criminals.

Finding the right cybersecurity partner is critical to effective implementation of third party risk management services, and enables organizations to ensure a robust cyber defense and proactive response in the event of a breach. Your third-party data will be protected by RSI Security’s team of experts, analysts, and technology tools to reduce the risk of attacks and ensure regulatory compliance at all times.

TPRM Challenges to Address

Third-party risk management presents unique challenges that must be addressed to maintain a secure infrastructure. Challenges that your organization may need to address can include:

• Compliance complications – Dealing with third parties can add a layer of complexity to remaining in compliance with regulatory requirements. They may need to install or migrate controls to fulfill your requirements, as is the case with HIPAA.
• Difficult to automate – It may not be possible to automate the monitoring of third parties, resulting in more time spent on manual monitoring tasks.
• Less consistent security awareness – When working with third parties, they'll also need to be fully aware of your organization's security policies and procedures, which can take additional resources and effort.
• More complex networks – Having an infrastructure that is connected with third-party networks could also mean being connected to any other parties they work with, presenting unique security management challenges.
• Scaling challenges – If third-party integrations are not accounted for from the beginning, it may become more challenging to scale as needed in the future.

How Does It Work?

RSI Security’s Third Party Risk Managed Service includes the following steps:

1. Help customers assess current third parties and identify high-risk partners.
2. Onboard each third party into the Risk Portal.
3. Send a survey/questionnaire to third parties, if required.
4. Conduct an initial assessment of each third party.
5. Review findings with the customers with recommendations on remediating their third-party risks.
6. Perform a monthly assessment of each third party and provide monthly updates to the customer.

The Benefits of Third-Party Risk Management

Proper third-party risk management not only helps address the challenges inherent to dealing with third parties. It can provide several benefits to your organization, including:

• Better performance
• Fewer security incidents
• Improved customer relations
• More efficient incident response and recovery
• More robust IT security
• Smoother operations throughout the organization