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How to Select the Best Third-party Risk Management Solution for Your Business

 


In the digital age, companies are not free from cyber risks. Most of the businesses are facing major issues due to threats from external attacks. This has driven the as many as 83% of the companies to increase their focus on third-party risk management. However, the focus of the digital risk management solutions embraced by the companies is not concentrated on third-party supply chain at all. In this world, businesses have to deal with third parties, including various third-party vendors, on a regular basis. Yet, it still remains as a matter of risk that only 40% companies have expanded their third-party risk management programs.

Right now, companies need to embrace digital risk management solutions that offer them third-party risk management.

It’s not an easy task.

How do you select the right digital risk management solutions offering threat management solutions for third-party vendors?

Here’s a quick look at some of the steps that you need to undertake while choosing the threat management solutions for your business that will focus on third-party risk management.

Focus on Different Types of Risks
As the business world is becoming digital, there is increasing involvement of third-party vendors. And these vendors sometimes have access to business data. Therefore, businesses must ensure that they employ digital risk management solutions that track various types of risks. These include:
  • Risks involved in service-level agreement
  • Environmental risks
  • Geo-political risks
  • Risks related to human rights, slavery, and trafficking
  • Risks related to labor standards
While choosing the digital risk management solutions, you must ensure that all these threats and risks are properly covered.

Perform Due Diligence of Vendors
The risk management solutions employed by the companies must be looking at digital risks. And the focus must be high when they are looking at vendors. However, the scanning must not begin once the vendor has already started functioning. Instead, the threat management solutions you’re employing must start gauging the risks by performing due diligence of the vendors. This will help you get an idea of the different types of risks that they might cause. So, you can take the necessary precautions to avoid those risks.

Involve Both IT Team as well as Business Teams
Which of the teams of your business is getting involved in selecting the digital risk management solutions to keep your business safe from risks associated with third-party vendors?

In most cases, it is either the IT department or the business team. However, that is a wrong approach toward selecting the right threat management solutions.

The right approach would be to involve both the IT department as well as the business team. They must involve in the brainstorming to find out the right solution to do away with third-party risks that your business faces. This will help to bridge the gap between the problems that the business teams face and the IT requirements. The amalgamated strategy will play a major role in keeping the third-party risks at bay.

Conclusion
Choosing the right digital risk management solutions to prevent third-party risks is not easy. However, with the right steps, you can find the right solution to keep your business secure.

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