Risk Exists
Protect Your Company And Support Its Growth With White Castle Risk Management
Everybody Loves Third-Party Providers
Use of third-party vendors is growing exponentially as new tech-centered solutions come onto market. Third parties can deliver faster production outcomes at lower costs—but they also unavoidably expose your information to unforeseen risks.
Risk and compliance objectives must now expand beyond traditional organizational boundaries. Third-party risk management is the process of analyzing, controlling, and monitoring the risks presented to an organization by its third-party vendors.
Why Risk Management Is Essential
The Extended Enterprise model of business means you rely on OTHER COMPANIES’ risk management policies and procedures to keep your own data safe. It’s essential to know what’s under the hood.
The global Regulatory environment means you’ve got an alphabet soup of standards to meet: Privacy, GDPR, HIPAA, PCI DSS. Your third-party providers are a part of these.
The Potential impact of a breach has never been greater: data breach risks, IT risks, operations failure, and financial risks, as well as loss of reputation for your company makes risk management an absolute necessity.
The Complexity of third-party landscape keeps growing: relationships also get expanded to contractors, joint ventures, fourth parties, and distributors—and they all carry their own risk profile.
The Risk Management Life Cycle
White Castle is with you for the long haul: that means taking a life cycle approach.
Adopting a lifecycle approach to risk management means that your organization takes adequate steps to mitigate risk at every step of the relationship with third-party vendors.
Policy, Planning & Infrastructure:
Align resources and set roles & responsibilities to execute risk assessments. Populate and centralize third-party catalogue, MSAs, and engagement data in a dedicated risk management system.
Scoping:
Categorize third-party vendors based on requirements and risk exposures. A well-scoped assessment questionnaire battery improves timelines and efficiency.
Execution:
Execute risk assessment exercise to identify compliance and arrive at a risk score for each vendor.
Remediation:
Analyze identified issues and remediate them with corrective measures based on vendor and needs.
Monitoring:
Ongoing monitoring of vendor performance ensures a healthy relationship with third-parties and consistent risk reduction going forward.