Third Party Management
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The Challenges
Third-party management can be challenging due to all of the moving parts involved. This includes keeping track of who your third parties are, what products or services they provide to your organization, what data they have access to, which policies they need to comply with, as well as custom contractual obligations.
This is a difficult task to accomplish without adequate support, meaning workers need a streamlined process that automates some of their functions so that they have time to complete required due diligence and third-party assessments.
Other challenges in the management process include assessing the criticality of each third party and what they provide, objective risk scores, managing remedial tasks to ensure they keep compliant, and generating reports on third parties for immediate use and future reference.
The Impact
Our customers have reported a previous inability to fully manage their third parties due to an unorganized third party management process that relied on inefficient manual processes, ultimately leaving them exposed and vulnerable as they wasted resources trying to collect and analyze data.
Without a reliable platform to streamline assessments and automate key functions such as third-party communication and data collection, these customers were struggling to complete their required assessments and score third parties. This left them unable to properly allocate resources for third-party management and unable to identify new potential third parties that better met their needs.
An unassessed third party is a risk. This negatively impacts your organization, leaving you susceptible to attacks, penalties, interrupted workflow, damaged reputation, and more.
Achieve your Third Party Management Goals with RiskWatch
Prebuilt Content Libraries
RiskWatch offers over 50 prebuilt content libraries that are ready for use in our platform. These libraries contain industry standards and regulations, lending subject matter expertise and guidance for organizations. Achieving compliance with these libraries ensures risk is minimized.
- Additional content libraries can be added to assessments with a single click.
- Reduce unnecessary costs by eliminating the need for third-party expertise.
- Custom libraries and any standard or regulation not already available can be created.
Automated Analysis
RiskWatch software streamlines the assessment process, using our intelligent analysis methodology to collect all relevant security data and highlighting any security gaps. Automated analysis aims to improve security positioning without the need to manually compare site data and risk scoring prioritizes projects, allowing you to manage security without getting stuck in the weeds.
- Automatically rank sites by risk to prioritize mitigation.
- Understand security at a glance with real-time dashboard analytics.
- 80% time savings when assessments were conducted using previous assessments performed in SecureWatch and compared to a manual assessment process.
Automated Reporting
RiskWatch enables customers to standardize and automate reporting functions directly within the platform. Several report templates are included by default, with the added option to create custom templates. Templates can be saved to meet data and visual preferences. With the correct templates saved, generate any report with a single click.
- Save an average of 16 hours per report
- View robust data from multiple sources within a single place.
- Increase transparency with any data available in any format, on demand.
Product Overview
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