Third-Party Risk Monitoring Explained

Narrator: Reducing third-party risk often begins with requiring vendors to respond to questionnaires about their security and compliance controls. Narrator: While essential, these risk assessments rely on self-reporting and are usually conducted on an annual basis and a lot can happen in a year. Narrator: What happens when a vendor reports strong password management practices but their employees credentials are exposed on the dark web? Narrator: What if a partner looks great on paper but is hit with a regulatory violation that disrupts their business? Narrator: Do a supplier’s public financial records foreshadow problems not revealed in an assessment? Narrator: Continuous monitoring closes gaps in vendor risk visibility. Narrator: By tapping into external sources of third-party intelligence, you can inform sourcing and selection, validate assessment responses against internal observations, know when cyber attacks affect key suppliers, and flag other emerging threats at every stage of the vendor life cycle. Narrator: Whether you use a vendor risk monitoring solution or do your own research, it’s important to consider a wide range of risks. Narrator: Data breaches and ransomware attacks are often traced to exposures in the victim’s supply chain. Narrator: This is because a vendor with weak defenses can provide attack ers with the path of lease resistance to customer systems and data. Narrator: However, cyber exposures aren’t the only vendor risks that threaten your organization. Narrator: Business changes like leadership turnover or acquisitions might bring vendors out of alignment with your needs. Narrator: While external factors like natural disasters or health crises can disrupt your supply chain, financial challenges like bankruptcies and legal penalties might signal future problems with reli delivering goods and services to your organization. Narrator: And doing business in a socially conscious world means ensuring that vendors have ESG policies that meet the expectations of your organization and of your customers. Narrator: Do your vendors follow labor laws and standards, practice diversity and inclusion, and operate in an environmentally sustainable manner? Narrator: By automating the collection and analysis of vendor risk intelligence, across these areas. Narrator: You can maintain consistent visibility and identify emerging threats before they impact your business. Narrator: Find out how Prevalent can help by requesting a demonstration at prevalent.net today.