Third Party Security Risk Management

Organizations that are challenged by compliance requirements (e.g., HIPAA, SOX, PCI DSS, Basel Laws, GLBA, and other regulations) must ensure that the vendors accessing their assets and systems are compliant with the relevant regulations. Like it or not, organizations that lose sight of the fact that when they outsource a function to third parties the ultimate responsibility for all compliance requirements remains with them usually pays a heavy price when things go wrong.

The typical Vendor Risk Management Process is used to plan, assess, and mitigate these risks that third-party vendors present. CryptoForensics has handled vendor management functions for many of our clients, including banks, regional energy producers, retailers, and small- to medium-sized law firms.
Our third-party risk mitigation services can help your organization to effectively identify and mitigate risks posed by third-party service providers in critical risk areas, such as information security, service delivery, supply chain processing, financial processing, reputation, and regulatory compliance.
It is foolhardy of organizations to sacrifice the protection of sensitive financial, health or other personal data or their reputation by not understanding the true nature of their vendor’s privacy and security practices. It pays to be proactive. We can help you to gain clear visibility into the business impact of third-party risk through its direct links to specific business elements such as processes and lines of business. Our experts can issue and analyze the responses to third-party self-assessments, and also conduct detailed audits of third parties based on self-assessment findings and other organization-defined assessment criteria.
The benefits of our methodology to your organization:

• Mitigate Vendor Risk through more comprehensive vendor assessments
• Simplify tracking of vendor responses to increase management’s visibility to potential third party compliance issues
• Eliminate redundant and potentially erroneous vendor data through consolidation of all vendors and contract info in one easy-to-use application, accessible anywhere and anytime
• Implement tools that are flexible and configurable for creating custom questionnaires, allowing vendors to complete surveys online and easily submit responses electronically
• Through federated vendor chain, capture vendor information, services they provide, key documentation, and related risks
• Provide automated Assessment Workflow that includes questionnaire distribution, completion, and response submission
• Through Proactive Notification and Collaboration Support, provide the necessary automated communication vehicles to keep vendors and analyst teams engaged during the assessment process
• Provide Comprehensive Reporting for viewing vendor and service information, including related risks, vendor assessment summary/status/timetables, Issues and Project tracking, Findings reports and charts, etc.