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Recent events such as the JP Morgan fake customers scandal and the Nissan North America data breach, were both caused due to a third party. Such events re-emphasize the importance of managing third-party risk in an efficient and effective manner. In an increasingly interconnected world, companies are relying more and more on third parties to provide services and products, and this can create a range of risks that need to be managed. In this blog post, we will propose a new approach to make the third party risk management function better.
It is time to evolve our mindset from a compliance driven to a threat driven approach to tackle this problem. Here are three ways to potentially solve this – Rapid, actionable, and reliable recommendation of vendors’ risk for customers looking for a new business partner or evaluating existing partners Focus on a set of few questions that actually contribute to quickly evaluating the risk posture of the vendor Collaborate and partner with your vendors and suppliers in assisting them to level-up their cybersecurity program Putting it all together, below is a graphic that depicts a set of five steps that are essential to modernize your third-party risk management.
At 29 years old, my favorite compliment is being told that I look like my mom. Seeing myself in her image, like this daughter up top.
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