TerraTrue is thrilled to announce a significant expansion of its Third-Party Risk Management offering designed to manage privacy, security, and other risks that third parties introduce to an organization.
With supply-chain attacks on the rise and growing compliance mandates to assess third parties for security and privacy, organizations large and small need help with the effort required to conduct their third-party due diligence. Tracking these assessments with spreadsheets is inefficient and error-prone; what’s more, it takes away the ability to understand how risks evolve over time and makes it difficult to manage these risks through additional defenses and controls.
How does TerraTrue mitigate third-party risks?
TerraTrue’s out-of-the-box security and privacy assessment templates can be modified through no-code interfaces so that you can customize your templates to your own organizational needs. Users can also attach numerical risk scores to assessment questions to prioritize due diligence requirements for high-risk vendors.
The Vendor 360 portal enables customers to seamlessly understand how a third party uses data, monitor completed & pending reviews, and send and review assessment invitations to a third party with real-time tracking and recording of other vendor-related information. Viewing all third-party information in one single source of truth allows for faster review and decision-making.
The same tool assesses the risk of the third party itself and the risk introduced in implementing the integration with that vendor. This is not limited to details on data sharing and various transfer protocols with the third party but can extend to other areas during implementation.
When privacy and security work from one single source of truth on vendor assessments, organizations eliminate duplicative work while ensuring that security and privacy reviews are completed faster. When reviews are completed faster, privacy and security are no longer the speed bump preventing other teams from getting work done. Instead, they enable the business to accomplish more while lowering the organization’s overall risk profile.
To learn more about how TerraTrue can operationalize your third-party vendor management program, visit us here.
