Did you ever count the number of vendors your organization uses to run your business operations? Even mid-sized companies easily exceed one hundred third-party vendors, including technology vendors, electricity, hosting, facilities, payment, and collection services providers. As a result, it is not surprising that when it comes to vendor risk assessments, most organizations focus only on a small subset, typically based on contract size. This practice is clearly outdated, considering the fact that cyber criminals are using the supply chain to access data from large, well-protected global organizations they wouldn’t otherwise be able to compromise.
With their supply chain being targeted by cyber-attacks and advanced persistent threats, organizations face increased operational, compliance, reputation, strategic, and credit risks when engaging in third-party relationships. These risks are being compounded by the growing volume, diversity, and complexity of these outsourcing arrangements. On top of that, regulators have turned a keen eye to this development, enforcing stricter guidelines on how an organization must manage their third-party suppliers by requiring extending their practice of conducting regular risk assessments to include all of their suppliers, and – if possible – even supplier’s suppliers.
The threat of data breaches, public scrutiny, and regulatory fines have put vendor risk management in the spotlight. Without proper oversight, and a framework to systemically capture, assess, and mitigate third-party supplier risks, your organization can be exposed.
Attending this webinar will enable you to:
- Understand what is driving regulation in this area and what you can expect to see in the future;
- Determine which areas you need to improve in order to lower risk factors with current vendors and during the selection process of new vendors;
- Benchmark your vendor risk management programs against those of the industry’s leading financial institutions;
- Discover how to leverage best practice and hear the newest trends and strategies in vendor risk management and strategic outsourcing.
Attendees are sure to come away with the latest tools and techniques for improving the management of vendor risk in their organization.