Enterprises operate their businesses on third-party platforms and services. Outsourcing of systems and services often involves significant risk, bestowing custodial responsibilities of large amounts of sensitive data and transaction capabilities to third-parties. While you can outsource your systems and services, you can’t outsource your risk. How do you ensure that your third-parties are protecting your interests within the bounds of your risk appetite?
| Webinar Host: Kelly White, Founder and CEO, RiskRecon |
The answer lies in the risk equation. As the FAIR Methodology promotes, solving risk requires knowing both the issues and the value of the assets in which the issues exist. Without knowing the asset value context, you only have a laundry list of issues. Issues are not risk.
But how can you gain the visibility into third-parties necessary to solve the risk equation when you don’t have intimate access to their environment? Innovative vendors such as RiskRecon (note: a sponsor of the FAIR Institute) believe they have figured it out.
RiskRecon has invented algorithms that give you a risk-based insight into the performance of your third-parties. RiskRecon assesses the risk performance of companies by automatically discovering their internet-facing systems and then analyzing system code, content, configurations and security features to determine issues and asset value. With asset value in hand, clients can use the insights to quickly understand third-party risk performance and rapidly drive to risk-prioritized action plans, ensuring that each vendor performs within the bounds of their risk appetite.
Learn more about managing third-party risk - view this webinar featuring Kelly White, RiskRecon Founder and CEO now: