Your organization is constantly looking for ways to expand its partnerships while remaining secure and keeping risks as possible. And you’re not alone – the vendors and third parties you work with want the same thing.
That’s why OneTrust created the Third-Party Risk Exchange, where organizations can learn more about each other’s security posture, offer SIG Lite assessments on-demand, and store completed security questionnaires all in one place.
Why is third-party risk management important?
Managing the risks posed by each third party in your supply chain or network is necessary to maintaining a secure environments and working relationships.
While third-party risk isn’t a new concept, an uptick in data breaches and cybersecurity incidents across industries, coupled with a greater reliance on outsourcing, have brought the discipline to the forefront. Disruptive events impact almost every organization and its third parties, no matter the size, location, or industry.
In recent years, the impact third parties have on an organization's resilience is highlighted through the following incidents:
- Internal outages and lapses in operational capabilities
- External outages affecting areas across the supply chain
- Third-party outages that open your organization to supply chain vulnerabilities
- Operational shifts that affect data gathering, storage, and security
Most modern organizations rely on third parties to keep operations running smoothly. So, when your third parties, vendors, or suppliers can’t deliver, there can be devastating and long-lasting impacts.
