There are layers of uncertainty plaguing security professionals when it comes to the time, money, and energy they spend focusing on their third-party risk management systems. Without the proper tools and analysis, it is hard to know if your program is effective.
As with many business processes, reaching the target point for a mature vendor risk management program requires breaking down your system into several steps of more manageable pieces. Organizations can choose to focus on a variety of pieces depending on the specific models or programs they rely on. Reaching an "agile" status for your security program can mean prioritizing what your industry leaders are focusing on.
BitSight has helped security leaders develop their businesses' third-party risk programs by following a model based on the Deloitte Enterprise Risk Management evaluation. This model can help your organization find where you rank in terms of maturity level based on four key indicators. You can reach a mature level of vendor risk management that works for your business by asking the right questions and directing the resources you already have to the right areas.
Do you have a dedicated security team within your organization that includes individual members focused on employee security and vendor risk? Do you utilize spreadsheets when onboarding new vendors and evaluating current third-parties?
Following the Deloitte-based structure, BitSight can provide companies with an analysis of their current vendor management tools and processes in four overarching categories. Based on the responses within each section, a company can see where they currently fall on the maturity scale, where their target position falls in comparison, and the opportunity areas where specific processes can be improved.
The four categories companies should analyze internally to navigate to an impactful maturity level include:
Your third-party risk management program can be ranked within a mature vendor risk management model, and when using the categories above, you can be given a low, moderate, or high maturity score. Their maturity level is based on the standards for each category and where in the criteria they fall:
To reach an agile, fully optimized maturity ranking, organizations must reach the highest maturity level for each of the strategy, people, process, and technology stages.
If your score is lower than you want it to be, it is important to break down which areas of your vendor security management plan might be holding you back. Maybe you need to focus on securing a structured team that is solely focused on third-party risk management. Or for some organizations, they have already allocated the resources to create a solid TPRM team, but are held back by the clunky technology they use to manage their vendors.
By working with the BitSight For Third-Party Risk tools, users receive a bulleted breakdown of the gaps in their program to avoid having to spend time adjusting the parts of their process that are already solid.
With our tried-and-true framework for reaching a level of mature vendor risk management, BitSight is helping organizations of all sizes, sectors, and security levels hit their maturity level goals. With the BitSight For Third-Party Risk Management Maturity calculator, users can work with a BitSight representative to evaluate where they currently sit, where they want to reach, and the steps they need to take to achieve their goals.
Benchmark your process with BitSight's Maturity Model to optimize your business solutions.
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