In the early days of Third-Party Risk Management (TPRM), organizations often relied on a single tool to assess potential vendor risks – usually a survey. Like a scalpel, surveys do one thing well: gathering self-reported controls data. This form of due diligence is heavily reliant on trust.
As compliance mandates and regulations become more stringent, TPRM can no longer rely on trust-based surveys alone. Modern TPRM programs employ a Swiss Army Knife collection of tools for more a complete and accurate picture of vendor security and privacy controls.
Join Brenda Ferraro, VP of Third-Party Risk at Prevalent, and Jon Ehret, President and Co-founder of the Third-Party Risk Association, for a look inside the Swiss Army Knife approach that mature TPRM programs are using today to effectively reduce risk and ensure compliance