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Any Advice for Assessing Third-Party Risk?
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stemarsh
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stemarsh,
User Rank: Author
10/22/2019 | 1:41:20 PM
Re: Assessing Third Party Risk
I think the key point about the questionnaires is not the questionnaires themselves but is instead the following bullet that advises on use of technology to check and enforce that things are happening as they should. This is something that I often see. The proactive element of protection is merely a paper exercise and then a lot of effort goes into reacting and assigning blame and accountability when something goes wrong. A little more effort with proactive protection technology goes a long way. I'm not saying the other elements aren't needed but rather there is a gap in the overall approach that people currently take.
PattiDegs
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PattiDegs,
User Rank: Apprentice
9/17/2019 | 4:24:06 PM
Assessing Third Party Risk
How about instead of doing useless questionnaires, hold your vendors accountable to their contracts by making them sign and agree to what you need from them in a security addendum? Takes way less resources than going through useless vendor audits. Then audit only high risk vendors to what they agreed to do or have in place and are liable to in the contract. No one has the resources to audit all their vendors. 


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