Organizations are increasingly relying on vendors, making third-party risk a growing concern for businesses. Unfortunately, many organizations still depend on traditional methods of risk management, such as onboarding controls and infrequent assessments.
With this approach, organizations face several challenges. These challenges include limited visibility into changes or developments in a vendor's operations, security posture, or compliance status. Additionally, there is an inability to identify emerging risks and vulnerabilities, failure to meet updated compliance regulations due to constantly evolving requirements, and an incomplete understanding of a vendor's business continuity plans, security practices, and risk environment. According to Gartner, 83% of legal and compliance leaders reported that they identified third-party risks after due diligence and before recertification.
To effectively manage third-party risks, organizations must incorporate continuous monitoring into their risk management strategy. This method involves ongoing, proactive monitoring of vendors throughout their lifecycle to ensure timely and accurate insights into associated risks.
To learn more, register for our upcoming webinar on June 13, 11:00 am EDT, Third-Party Continuous Monitoring: Benefits & Best Practices with Michael Rasmussen, to:
Learn how continuous monitoring can transform your organization's third-party risk management strategy.
Discover best practices for implementing continuous monitoring most effectively.
Explore how Archer can elevate your third-party risk management program to keep you ahead of third-party risks.