Navigating the backlog of third party risk assessments

Navigating the backlog of third party vendor risk assessments 

Are your third-party software vendors expanding while your risk management response lags behind?  

In this blog, we will explore how teams conducting third-party vendor risk assessments can strengthen their approach to their growing third-party challenges and ensure their organisation’s resilience. 

Contents:

Go to > The double-edged sword of third parties

Go to > Tackling the challenge

Go to > Strenghtening your approach

David Vohradsky

Cyber Security Practice Manager

.

The double-edged sword of third parties 

In today’s fiercely competitive business landscape, leveraging third-party vendors and suppliers has become an indispensable factor in remaining relevant and competitive – allowing businesses to expand rapidly, access specialised expertise, and focus on core competencies. However, with the continuous addition of new applications and software to the business environment, the risk of unauthorised access to highly sensitive systems escalates significantly. 

In fact, of the organisations who suffered a data breach in 2023, more than half have were caused from a third party. 

Teams are now struggling with how they balance the allure of seamless integration and enhanced functionality against the potential vulnerabilities that each new integration introduces.  

While third party risk vendor assessments are the answer, even so, managing these becomes a complex task. Teams must constantly assess the security posture of numerous suppliers and stakeholders – leading to an accumulation of an unaddressed backlog.

Next > Tackling the challenge

tackling the challenge

Tackling the challenge of unaddressed backlog on teams that manage risk

While many organisations are addressing their third parties, they are encountering common challenges, including: 

Resource constraints:

As the number of third-party relationships grows, teams may find themselves stretched thin, lacking the necessary resources and expertise to conduct thorough assessments. The shortage of skilled resources can lead to burnout and inefficient processes, hindering their ability to keep up with the assessment workload.

Inconsistent approaches:

Different team members may apply varying methodologies to assess third-party controls, leading to inconsistencies and gaps in risk identification. This inconsistency can result in overlooking critical vulnerabilities and compromising the overall effectiveness of the risk management strategy.

Proliferation of applications:

The rapid addition of new applications to the environment demands constant vigilance to ensure that each integration meets robust security standards. Without a streamlined approach to assess and approve these applications, organisations risk introducing unmanaged vulnerabilities into their systems.

Evolving threat landscape:

Cyber threats constantly evolve, creating knowledge gaps that can undermine the effectiveness of existing risk management strategies. The lack of up-to-date insights into emerging threats can leave teams feeling uncertain and ill-equipped to address high velocity risks effectively.

Time constraints:

With the ongoing pressure to meet business demands, teams may struggle to allocate adequate time and attention to comprehensive risk management activities. This time constraint can lead to rushed assessments and limited focus on addressing critical risks in a timely manner.

Does this sound like your organisation? Read on to discover how you can strengthen your approach.

Next > Strenghtening your approach

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Strengthening your approach to third party risk management

To overcome these challenges associated with third-party risk vendor assessments and maintain a competitive edge, teams must adopt a proactive and strategic approach. Here are some key steps to fortify your approach:

Embrace GRC technology:

Leverage cutting-edge technology and automated tools to streamline the assessment process and enhance the efficiency of risk management activities. Automation can help expedite routine tasks, allowing teams to focus on higher-level risk analysis.

Partner with external experts:

Collaborate with specialised third-party risk management providers, such as Avocado, to augment your team’s capabilities and address resource constraints effectively. Partnering with external experts can bring in specialised knowledge and alleviate the burden on in-house teams.

Implement consistent standards:

Establish standardised risk assessment procedures and protocols to ensure consistent evaluation and reporting across all third-party relationships. A uniform approach to risk management enables better comparison of business areas, and prioritisation of remediation activities.

Continuous monitoring:

Implement continuous monitoring and auditing mechanisms to promptly identify and address emerging risks and vulnerabilities. Real-time monitoring allows teams to respond swiftly to changes in risk profiles.

Training and awareness:

Invest in regular training and awareness programs to bridge knowledge gaps and empower your team with the latest insights and best practices. An informed and knowledgeable team is better equipped to handle the complexities of third-party risks.

The urgency to address the backlog of third party risk – ‘I need it now!’ 

Addressing the backlog of unmanaged third-party vendor risk assessments is crucial for organisations to safeguard their operations, reputation, and stakeholder trust. However, it can take time to strengthen your approach. That’s where Avocado’s third party risk management (TPRM) assessment services provide a suitable solution to unaddressed backlog. 

Avocado’s third party risk management (TPRM) assessment services: your immediate solution to unaddressed backlog   

Avocado’s TPRM Services offer a comprehensive and cost-effective turnkey solution that addresses the resource and robustness challenges in managing numerous suppliers and growing risks.  By partnering with Avocado, organisations efficiently manage their assessment workload, adopt a risk-based approach, and bridge knowledge gaps.  

Our expert consultants leverage cutting-edge technology, handling high volumes of assessments with short delivery times. With our affordable high-volume capabilities, your team can focus on strategic priorities, reducing the need for more in-house cyber GRC resources.  

At Avocado, we provide tailored solutions, leveraging the latest tools and industry best practices.

Empowering businesses to navigate the complexities of third-party relationships with confidence and diligence, resolving unmanaged risks with Avocado’s support is a proactive step to secure your organisation’s survival. To strengthen your approach, contact our team now. 

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Contact Us

Effectively manage your third party vendor risks and optimise your IT spend. Contact Avocado Consulting today for expert, tailored solutions and ensure the long-term success of your systems and projects.

Navigating the backlog of third party vendor risk assessments

Navigating the backlog of third party vendor risk assessments

David Vohradsky

Cyber Security Practice Manager

.

The double-edged sword of third parties

Tackling the challenge of unaddressed backlog on teams that manage risk

Resource constraints:

Inconsistent approaches:

Proliferation of applications:

Evolving threat landscape:

Time constraints:

Does this sound like your organisation? Read on to discover how you can strengthen your approach.

Uplift your performance

Strengthening your approach to third party risk management

Embrace GRC technology:

Partner with external experts:

Implement consistent standards:

Continuous monitoring:

Training and awareness:

The urgency to address the backlog of third party risk – ‘I need it now!’

Avocado’s third party risk management (TPRM) assessment services: your immediate solution to unaddressed backlog

Be inspired by our related content:

Reinventing and securing the omni-channel customer experience

Uplifting security posture with a threat, risk and control assessment

Remediating security and privacy risks in a complex and regulated environment

Threat and Risk Assessment for a leading health service provider

Contact Us

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