Third-party Vendor Risk Assessment

Risks arising from third party relationships are a significant
concern for companies extending their liabilities. Identifying and implementing a third-party risk management program is key to managing the increasing risks represented by third-party. Self-certification of third-party vendors are generally no longer sufficient to meet the evolving risk landscape. databrackets can help build a robust and active vendor monitoring program including conducting an independent third-party audit.

What is Third-Party Vendor Risk Assessment?

Many companies are reliant on third-party service providers to provide mission critical services to their customers. A company’s use of third parties does not diminish the responsibility of its board of directors and senior management to ensure that the activity is performed in a safe and sound manner and in compliance with applicable laws. However, it is critical that company’s maintain a robust and mature third party risk management program that encompasses all aspects of risk, and the many stages of third-party engagement. We highly recommend these operational and strategic considerations for your existing and new vendors. Some of our key areas of focus are:
 Security Roles & Access Controls
 Data Collection & Storage
Security Policies & Recommendations
Identity & Access Management
Ongoing Security Monitoring
Data Breach Notification
Business Continuity Plans

Why databrackets?

Our deliverables:

Third-party Risk Assessment Report
Customized Policies and Procedures
Breach Notification Policy
Model Contract Templates
Virtual Data Protection Officer (DPO)

Our Approach:

Identify

Identify all your third-party vendors, suppliers, and others from your contracts, accounts payables, and procurement teams.

Categorize

Prioritize your third parties based on sensitive data processing or access to your critical systems in your environment.

Risk Assessment

Typical third-party risk assessments may involve a questionnaire, technical testing, and sometimes even an on-site assessment.

Integrate

Integrate third-party risk management results in your organization’s overall security risk management program.

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Additional Resources

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