A Guide to Managing Third-Party Business and Security Risk
Digital transformation is creating increasingly complex ecosystems for companies that use third parties to augment their own digital and business capabilities. Companies can gain strategic efficiencies and capabilities by using third parties, but they might also inherit new and unknown digital and business risks from them. Because of the increasingly digital nature of third-party ecosystems, security and risk management leaders and teams must work together to manage third-party risks and reduce their business impacts. This has traditionally been a challenge because these two functions typically have very different objectives and perspectives.
• Set and execute IT and security strategy
• Strengthen security posture and defense
• Control costs while reducing risk to acceptable levels
• Ensure controlled end-user system access
• Maintain data privacy
• Drive IT compliance (PCI, SOX, etc.)
• Set and execute risk management strategy
• Control costs while managing risk at acceptable levels
• Run the enterprise risk management program throughout the company
• Lead the enterprise risk committee and report to the CEO and board of directors
Third-party risk cannot be eliminated, or at least not without forsaking all the benefits. The task is then to identify, mitigate and continuously manage third-party risks, and continuously improve and maintain the maturity of the organization’s third-party risk program. This happens most effectively when there is a focus on the following four areas:
RSA is dedicated to helping organizations better manage third-party risk and reduce their business impact, especially as they deal with interrelated business and digital risk stemming from digital transformation. We help security and risk management leaders implement a coordinated approach, so they are aligned with their organization’s strategic objectives; govern their third parties efficiently; identify and mitigate the right risks swiftly and effectively; and continually improve their capabilities while supporting their dynamic businesses.
DIGITAL RISK IS EVERYONE’S BUSINESS HELPING YOU MANAGE IT IS OURS
RSA offers business-driven security solutions that provide organizations with a unified approach to managing digital risk that hinges on integrated visibility, automated insights and coordinated actions. RSA solutions are designed to effectively detect and respond to advanced attacks; manage user access control; and reduce business risk, fraud and cybercrime. RSA protects millions of users around the world and helps more than 90 percent of the Fortune 500 companies thrive and continuously adapt to transformational change.