Vendor risk management is the practice of governing third-party access to company data. This is a critical aspect of an organization since vendors view your business information when providing their services. For some, this can turn into a severe vulnerability that can lead to data breaches. In fact, in the past five years, vendors like Home Depot and Target were responsible for those incidents, as reported by Forbes.
What do healthcare, banking, and the insurance industry all have in common? RISK! Regardless of industry, having an application, or system compromised could mean the exposure of extremely sensitive information. If such information became public knowledge your business could suffer tremendously. For many companies, a data breach is the worst possible situation imaginable. How does an organization work to reduce the impact of a system being compromised?
Before beginning, you might ask yourself: Does my organization need a GRC Solution? The simple answer is yes. There are over 200 complex frameworks and workflows that simply can’t be managed by floods of repetitious spreadsheets or word documents. Let’s define “Governance Risk-Management Compliance” and how the three pillars work together in relation to an organization and its objectives. Check top 30 security frameworks – 2019.
If you’re doing business in the cloud, odds are you know a thing or two about compliance maintenance. This article highlights The Federal Risk and Authorization Management Program (FedRAMP) and explains how this certification stands out from the rest by not being another just another check here for compliance standard. So, what is FedRAMP?
A business wants to hire a vendor. However, this vendor does not meet policy standards and has requested an exception. The question you face is whether or not to approve or deny that exception request. What’s good for business sometimes comes with added risk. In fact, many incidents are the direct result of a policy violation. For risk management, and business needs, maybe the answer isn’t a simple yay or nay but a more nuanced approach.
