Third-Party Risk Management

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OVERVIEW

Third-parties have been the source of vulnerabilities exploited in many of the highest profile breaches of the past few years. In our experience, technical safeguards alone aren’t enough to address these risks. To truly manage the security risk presented by vendors, we build customized third-party risk management programs that enable you to identify, rank, and monitor the risk posed by every vendor in your ecosystem – from software vendors to the HVAC repairman. Our approach allows you to assess your vendors quickly, flag high-risk behaviors and situations, monitor vendor risk levels over time, and compare the risk levels of different vendors against one another. We have implemented these programs for midsized companies with hundreds of vendors, and for global companies with thousands of vendors, and have found that they universally allow for greater risk visibility, more strategic decision making, and better overall protection of sensitive information.

How can JOS Help?

Design and implementation of TPRM program – We build customized programs that satisfy unique business requirements and enable the client to quickly categorize and prioritize vendors according to their risk profile, perform remote and/or onsite assessments of each vendor, and report on vendor risk according to the metrics that matter most to them.
Tech-enabled TPRM automation and maintenance – We have partnered with leaving privacy tools, including OneTrust, to add efficiency and sustainability to even the most complicated TPRM programs. We’re also adept at working with your existing in-house toolset, including top GRC, IRM, and ERP systems used to manage privacy processes.

OPPORTUNITY

To identify opportunities for our third-party management efforts ask yourself the following:

Do you have a backlog of requests to assess new or potential third parties?
Are you comfortable that your third parties are meeting the same privacy and security standards that you require internally?
Do you know who your highest risk third parties are? Do you know all of the third parties that come into contact with your most sensitive data (IP, PII, PCI, PHI)?
Are you able to track third-party risk levels over time and make informed decisions about which third parties poses the lowest risk to your organization?

DIFFERENTIATORS

Customized Approach. We don’t take a one size-fits-all approach. We draw on extensive experience to build an effective program that is customized to your needs, risk appetite, and vendor ecosystem.
Diversity of Expertise. We bring legal, compliance, IT, and audit expertise to the vendor risk management process. We understand the systems and processes that you depend on, as well as the compliance requirements that impact your privacy program.
Experience. Some of the world’s top companies, including those in heavily vendor-reliant industries like Healthcare and Tech, have enlisted JustOne Solutions to advance their vendor risk management programs. The real-world lessons learned during those projects are carried forward, enabling you to benefit from years of collective experience in advanced vendor risk management.
Technology Fluency. We have partnered with leaving privacy tools, including OneTrust, to add efficiency and sustainability to even the most complicated TPRM programs. We’re also adept at working with your existing in-house toolset, including top GRC, IRM, and ERP systems used to manage privacy processes

BENEFITS

Streamline third-party management efforts and reduce the burden on the internal privacy team (eliminates backlog of vendor assessment requests).
Prioritize the highest risk vendors for in-depth assessments, allowing you to focus on what matters.
Create a unified process for all third party types.
Simplify compliance with common privacy and industry regulations.
Easily maintain an accurate inventory of vendors and their risk history by using our SaaS tool, privacy tools like OneTrust, or your in-house GRC/IRM tool.

Questions? Need more info?

Contact

Michael Sea, Chief Innovations Officer
Data Privacy
(888) 2JOS-TEC

FAQ

What if WE DON’T HAVE BUDGET TO INCREASE SPEND IN VENDOR RISK MANAGEMENT?

Our program can actually reduce your current spend on TPRM in a fairly short time frame by reducing the hours required from your internal team. We know that companies handling vendor risk internally are often doing so manually, fighting with bulky and outdated Excel spreadsheets, and spending far too much time concerned with vendors that actually pose very little risk. With our tech enabled solutions, you can automate much of your process, reduce the total hours spent on third-party risk management, and focus your time and energy on the highest risk vendors. It also enables you to predict (based on historical risk levels) which vendors will pose the lowest risk to your organization – and thus require the lowest future effort from your team.

What if WE HAVE A TEAM INTERNALLY THAT’S ALREADY HANDLING VENDOR MANAGEMENT?

JustOne Solutions works with many companies that have in-house TPRM programs. In many cases, we add a technology layer using new or existing tools that add automation and efficiency to your program. We also often serve in a co-sourced capacity, offloading low risk vendor assessments from your in-house team, supporting periods of high volume requests (“burst support”), or helping to clear backlog of un-assessed third parties.

THAT’S THE RESPONSIBILITY OF PROCUREMENT.

For many companies, they are highly reliant on a network of third parties to deliver value, but those third parties also interact with your systems and data, and are therefore a major source of risk. In our experience, Procurement helps with a key piece of the puzzle, but they do not typically have the expertise or resources to understand, manage, and control cyber risk.