Third Party Risk in Operational Technology Security Manager Toolkit (Publication Date: 2024/02)


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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:

  • Is your third party risk management activity growing or declining in terms of headcount & budgets?
  • How do you rate your organizations sophistication level in supplier / third party risk management?
  • What is your process for due diligence and subsequent monitoring of third party IT risks?
  • Key Features:

    • Comprehensive set of 1554 prioritized Third Party Risk requirements.
    • Extensive coverage of 136 Third Party Risk topic scopes.
    • In-depth analysis of 136 Third Party Risk step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 136 Third Party Risk case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: Backup Strategies, Internet of Things, Incident Response, Password Management, Malware Analysis, Social Engineering, Data Loss Prevention, Cloud Security, Malware Detection, Information Sharing, Endpoint Security Management, Network Monitoring, Governance Framework, Data Backup, Phishing Awareness, Internet Of Things Security, Asset Tracking, Personal Identity Verification, Security Assessments, Security Standards, Phishing Attacks, Security Governance, Operational Technology Security, Information Security Management, Hybrid Cloud Security, Data Encryption, Service consistency, Compliance Regulations, Email Security, Intrusion Prevention, Third Party Risk, Access Controls, Resource Orchestration, Malicious Code Detection, Financial Fraud Detection, Disaster Recovery, Log Monitoring, Wireless Network Security, IT Staffing, Security Auditing, Advanced Persistent Threats, Virtual Private Networks, Digital Forensics, Virus Protection, Security Incident Management, Responsive Governance, Financial Sustainability, Patch Management, Latest Technology, Insider Threats, Operational Excellence Strategy, Secure Data Sharing, Disaster Recovery Planning, Firewall Protection, Vulnerability Scanning, Threat Hunting, Zero Trust Security, Operational Efficiency, Malware Prevention, Phishing Prevention, Wireless Security, Security Controls, Database Security, Advanced Malware Protection, Operational Risk Management, Physical Security, Secure Coding, IoT Device Management, Data Privacy, Risk Management, Risk Assessment, Denial Of Service, Audit Logs, Cyber Threat Intelligence, Web Application Security, Cybersecurity Operations, User Training, Threat Intelligence, Insider Threat Detection, Technology Strategies, Anti Malware Measures, Security Operations Center, Exploit Mitigation, Disaster Prevention, Logistic Operations, Third Party Risk Assessment, Information Technology, Regulatory Compliance, Endpoint Protection, Access Management, Virtual Environment Security, Automated Security Monitoring, Identity Management, Vulnerability Management, Data Leakage, Operational Metrics, Data Security, Data Classification, Process Deficiencies, Backup Recovery, Biometric Authentication, Efficiency Drive, IoT Implementation, Intrusion Analysis, Strong Authentication, Mobile Application Security, Multi Factor Authentication, Encryption Key Management, Ransomware Protection, Security Frameworks, Intrusion Detection, Network Access Control, Encryption Technologies, Mobile Device Management, Operational Model, Security Policies, Security Technology Frameworks, Data Security Governance, Network Architecture, Vendor Management, Security Incident Response, Network Segmentation, Penetration Testing, Operational Improvement, Security Awareness, Network Segregation, Endpoint Security, Roles And Permissions, Database Service Providers, Security Testing, Improved Home Security, Virtualization Security, Securing Remote Access, Continuous Monitoring, Management Consulting, Data Breaches

    Third Party Risk Assessment Manager Toolkit – Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):

    Third Party Risk

    Third party risk management is the process of identifying and managing potential risks associated with using third party vendors. It is growing in terms of headcount and budgets due to increasing reliance on outsourcing and regulatory pressure.

    1. Utilize third party risk management systems or software for more efficient and effective tracking and monitoring.
    – Benefits: Increased visibility, streamlined processes, and centralized management of third party risks.

    2. Develop strict vendor selection criteria and thoroughly vet potential third party vendors.
    – Benefits: Reducing the number of high-risk vendors, minimizing potential vulnerabilities and data breaches.

    3. Establish clear communication and expectations with third party vendors regarding security protocols and requirements.
    – Benefits: Improved accountability and alignment on security measures.

    4. Conduct regular audits and assessments of third party vendors to ensure compliance with security standards.
    – Benefits: Continuous evaluation and mitigation of risks posed by third party vendors.

    5. Implement secure channels for information sharing and data transfer with third party vendors.
    – Benefits: Protecting sensitive data and preventing unauthorized access.

    6. Regularly review and update contracts with third party vendors to include specific language around data protection and security.
    – Benefits: Clarifying responsibilities and establishing legal recourse in case of a security breach.

    7. Provide ongoing training and education for employees on third party risk management best practices.
    – Benefits: Increasing awareness and promoting a culture of security within the organization.

    CONTROL QUESTION: Is the third party risk management activity growing or declining in terms of headcount & budgets?

    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    A potential big hairy audacious goal for third party risk management 10 years from now could be to have the activity fully integrated and automated into all aspects of business operations, with dedicated teams and robust budgets in place to continuously monitor and assess third party risks. This means that third party risk management will no longer be seen as a separate function, but rather an integral part of overall risk management strategy within organizations.

    This goal would require significant investment in technology and data analytics to enhance the efficiency and effectiveness of third party risk management. It would also involve collaboration and partnership with all stakeholders, including third parties themselves, to foster a culture of accountability and transparency.

    Furthermore, this goal would aim for standardized practices and protocols in third party risk management across industries, with regulatory bodies setting clear guidelines and oversight to ensure compliance.

    At the heart of this goal is the recognition of the critical role that third parties play in the success of businesses, and the need for proactive and comprehensive management of their potential risks. With a fully integrated and automated third party risk management process, companies will be better equipped to mitigate potential risks and maintain the trust and reputation that are essential for sustained growth and competitiveness in the global market.

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    Third Party Risk Case Study/Use Case example – How to use:

    Client Situation:
    A leading financial institution in the United States, with a large and complex third-party ecosystem, was facing significant challenges in managing third-party risks. The company had been heavily reliant on third-party vendors and service providers for various critical functions and had experienced several instances of data breaches and regulatory non-compliance in recent years. This had led to reputational damage, financial losses, and increased regulatory scrutiny. To address these issues, the company had established a Third-Party Risk Management (TPRM) function to oversee the due diligence, monitoring, and risk mitigation of its third-party relationships. However, the company′s senior management was concerned about the effectiveness and adequacy of their TPRM program and wanted to understand if there was a need for additional resources in terms of headcount and budget.

    Consulting Methodology:
    The consulting firm was engaged by the client to conduct a comprehensive assessment of their TPRM program and provide recommendations for improvement. The following methodology was used by the consulting team:

    1. Data Collection: The team conducted interviews with the company′s key stakeholders, including the TPRM team, procurement, legal, IT, and business units. They also reviewed relevant documentation such as policies, procedures, and third-party contracts.

    2. Benchmarking Analysis: The team utilized industry benchmarks from reputable sources such as the Shared Assessments Program, Gartner, and Deloitte to compare the client′s TPRM program against best practices.

    3. Gap Analysis: Based on the data collected and benchmarking analysis, the team identified gaps in the client′s TPRM program in terms of processes, technology, and resources.

    4. Deliverables: The consulting team provided the client with a detailed report that included an overview of the current state of their TPRM program, a gap analysis, and recommendations for improvement.

    Implementation Challenges:
    The implementation of the recommendations presented some challenges for the company, mainly due to the scale and complexity of their third-party ecosystem. The following were the key challenges faced by the client:

    1. Resource Constraints: The company had limited resources to implement the recommendations, both in terms of headcount and budget. This was a concern, especially for smaller vendors who did not have the resources to comply with the company′s TPRM requirements.

    2. Resistance to Change: There was resistance to change from business units and third-party vendors as they viewed the additional requirements as burdensome and time-consuming.

    3. Inadequate Technology: The company′s TPRM program was heavily reliant on manual processes, spreadsheets, and documents, making it challenging to manage the large number of third-party relationships effectively.

    To measure the effectiveness of the consulting engagement and the impact of the improvements made to the TPRM program, the following KPIs were established:

    1. Reduction in Third-Party Risks: The company aimed to reduce the number of risk events associated with third-party relationships, such as data breaches, regulatory fines, and business interruptions, by 25% in the next two years.

    2. Increased Efficiency: The company targeted a 30% increase in efficiency in managing the TPRM program by implementing the recommended technology and process improvements.

    3. Cost Savings: The organization aimed to achieve cost savings by optimizing the TPRM program and avoiding any significant losses associated with third-party risks.

    Management Considerations:
    As a result of the consulting engagement, the client′s management team had a better understanding of the current state of their TPRM program and the need for additional resources. Based on the recommendations, the company allocated a larger budget for TPRM activities and hired additional staff to support the program. Additionally, the management team also focused on building a culture of third-party risk awareness and accountability throughout the organization.

    Whitepapers, Journals, and Reports:
    1. According to Deloitte′s 2021 Third-Party Risk Management Report, there has been a significant increase in the importance and complexity of TPRM, with 87% of organizations reporting an increase in their reliance on third parties in the last year.

    2. The Shared Assessments Program′s annual Third-Party Risk Management Benchmark Study shows that 70% of organizations have a dedicated budget for TPRM activities, an 18% increase from the previous year.

    3. A study by Gartner found that organizations are investing more in third-party risk management tools and technologies to automate and streamline processes, with a projected growth rate of 9.5% CAGR between 2020-2027.

    The consulting engagement helped the client gain valuable insights into the current state and effectiveness of their TPRM program. With the implementation of the recommended improvements, the company was able to effectively manage their third-party risks and reduce potential impacts. The increased focus on TPRM, including additional resources and budget, is indicative of the growing importance of third-party risk management for organizations in today′s business landscape. As the third-party environment becomes increasingly complex, it is crucial for companies to continuously review and enhance their TPRM programs to mitigate potential risks and ensure compliance with regulatory requirements.

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