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Top concern of risk professionals is controlling information security risk created by an expanding network of third-party connections
In order to optimize business, scale to meet market demand and increase profitability, organizations look to third-party relationships to perform key business functions. The risk of doing business with a third party can come at a high cost. A majority of recent high-profile breaches have originated from a third party,compromising clients, shattering business reputations and leading to substantial fallout. Third-party breaches can be catastrophic to an organization.
The benefits of third-party vendor outsourcing often outweigh these business risks. The challenge for organizations becomes how to manage third-party risk effectively and efficiently in the face of limited staff, constrained budgets and vendor ecosystems that encompass hundreds or even thousands of vendors that pose a risk. Businesses need a third-party risk management (TPRM) program, just as much as they need third parties.
YTE Exchange is the premier partner for your organization to plan, develop and manage all aspects of your third-party risk management program. We have helped clients at all maturity levels with a focus on people, process and technology. Our comprehensive suite of offerings help you understand the breadth of third parties in your environment, categorize your relationships by risk to the organization, conduct risk assessments aligned to your specific industry standards and develop the compliance criteria your vendors must meet to do business with your organization.
Top concern of risk professionals is controlling information security risk created by an expanding network of third-party connections
Average organizational cost to respond to a security incident due to a negligent or malicious third party
Percent of organizations that agree cyber security incidents involving vendors are difficult to manage***