Importance of Risk Assessment in Third-Party Risk Management Strategy
In the modern business world, especially in regulated industries, companies from healthcare to finance are required to manage increasingly heavy workloads and significant amounts of data. For many organizations, this requires reliance on the help of third-party vendors to keep costs low and operations running efficiently.
The sharing of sensitive data that comes with working relationships like these demands a comprehensive risk management strategy. Risk assessments are a cornerstone in maintaining the cybersecurity of organizations, and your company relies on these measures to protect its critical data from a breach.
Here’s an overview of several common frameworks or risk assessments and how they can help protect your organization against cybersecurity threats.
SIG Lite / SIG Core
AITEC Due Diligence Questionnaire
National Institute of Standards and Technology (NIST) Cybersecurity Framework
Protect: Develop and implement appropriate safeguards to ensure delivery of critical services.
Detect: Develop and implement appropriate activities to identify the occurrence of a cybersecurity event.
Business Continuity and Disaster Recovery
FCPA / Anti-Corruption
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