Risk management is a need for all businesses, especially in the complex landscape of growing third-party relationships and supply chain sprawl.
While managing external risk factors can help keep your organization compliant and reduce risk of a security incident, adding a proactive approach to understanding your third-party risk exposure across multiple domains can help mitigate threats before they happen.
That’s why OneTrust has partnered with Supply Wisdom to offer Third-Party Risk Exchange users the ability to view critical risk data on their third parties.
“Today’s increasingly dynamic risk landscape requires companies to adopt a more modern approach to managing third parties that leverages current and comprehensive risk intelligence,” said Atul Vashistha, Founder and Chairman of Supply Wisdom.
What is Supply Wisdom?
As third-party risk management evolves into holistic third-party management and separate lines of business within the organization monitor their individual supply chains, the need to mature vendor risk governance practices has become paramount.
Because of Vashistha’s experience in the global sourcing space, he recognized the need for enterprises to leverage a system that would detect possible supply-chain disruptions resulting from third-party dependency and operations.
The SaaS company offers its solution to create near real-time risk intelligence and triggers automated risk actions and a solution for mitigation.
What is the OneTrust Third-Party Risk Exchange?
The OneTrust Third-Party Risk Exchange is a collaboration and information sharing platform that brings businesses and their third parties together into a single community to share information and build mutual trust. Thousands of organizations and their third parties participate in the Exchange to collectively centralize and share critical information about their security, privacy, ethics and compliance, and ESG programs.
See how being a member of the Exchange can help mitigate your organization’s third-party risk by clicking here.
This community-based approach makes third-party risk easier for everyone involved – both you and your third parties.
How does the partnership work?
OneTrust Third-Party Risk Exchange members will be able to see Supply Wisdom’s risk identification score of a vendor they may consider working with. The score is on a scale of 1-10, and the higher the score, the more risk has been identified.
The scores are an amalgamation of public data compared to industry averages and historical data. Supply Wisdom is comprised of 300 different metrics across all the domains it scans, including financial, operations, compliance, ESG, and cyber.
