Assessing Third-Party Risks in a Remote World

Feb 16, 2021 | 212 Articles, Remote Working, Risk Management, Technology

For overall risk management, data security threats must be incorporated into planning—especially when your team is working from home. Remote work often requires dependence on third-party suppliers, and with the consequences of weak Wi-Fi networks, the ability to browse freely, and the unpredictability of video calls, leaders should reevaluate their risk management plans.

To learn more about assessing the risk of vendors and partners, as well as addressing the vulnerabilities of your workforce, download our eBook, Risk Management in the New Normal.

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Third-Party Risk Assessment
Everything from the pre-pandemic world regarding information exposure by third parties should be appraised. In assessing these dangers, automation is invaluable. Criminals won’t pass up the opportunity that COVID-19 has presented—companies should, therefore, create a database of vendors’ security history and performance, as well as monitor internal operations.

Gauging the weaknesses of outside entities is crucial. Security ratings of vendors should be evaluated frequently—staying up to date on this significant information is important even when we’re not in the middle of a pandemic. Artificial intelligence, machine learning, and robotic process automation can all be implemented to create sustainable risk management.

Eschewing a disaster plan could cause dire consequences. Businesses should have realistic contingency plans with vendors for when security issues arise.

Conclusion
Acknowledging and planning for third-party risks is imperative for the future of your organization and your team. Leaders “must recognize that when a vendor performs a service or function on your behalf, your company bears the ultimate responsibility for minimizing business exposure and ensuring compliance.” To get ahead of these disasters, download our eBook.

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