Continuous Monitoring of Third Party Vendors: Building Best Practices White Paper Release
Continuous risk monitoring is an essential strategic component in a dynamic operational environment
SANTA FE, N.M., Jan. 10, 2017 /PRNewswire/ -- Shared Assessments is pleased to announce the release of its newest white paper: Continuous Monitoring of Third Party Vendors: Building Best Practices.
The evolving standard of care for continuous monitoring goes beyond the more familiar moment-in-time snapshot, moving toward real-time or near real-time testing and evaluation of controls in an operational setting. Continuous monitoring, a subset of ongoing monitoring, is a crucial strategic component of a robust third party risk management program.
This new paper:
- Provides an introduction to the underlying methodology, tools and definitions of continuous monitoring, so stakeholders can be better equipped to evaluate what implementing continuous monitoring would look like for their individual organization;
- Explores critical risk areas; and
- Identifies possible solutions for implementation.
A takeaway best practices guideline table provides key monitoring indicators that are susceptible to continuous monitoring, as well as corresponding techniques for tracking those indicators.
Improved operational and security efficiency benefits of continuous monitoring:
- Raised awareness of changing vulnerabilities and processes.
- More effective decision-making regarding third party risk.
- Risk posture moved to a level that allows longitudinal tracking.
- Improved identification of issues and proactive planning.
- Reduced impact of events that do occur.
- Refocused resource use that results in operational optimization.
- Continuous visibility of issues that drives improved risk prioritization and response to issues.
- Leveraging of common control providers.
About the Shared Assessments Program
The Shared Assessments Program is the trusted source in third party risk management, with resources to effectively manage the critical components of the vendor risk management lifecycle that are: creating efficiencies and lowering costs for all participants; kept current with regulations, industry standards and guidelines, and the current cyber threat environment; and adopted globally across a broad range of industries both by service providers and their customers. Shared Assessments membership and use of the Shared Assessments Program Tools offer companies and their service providers a standardized, more efficient and less costly means of conducting rigorous assessments of controls for cybersecurity, IT and data security, privacy and business resiliency. For more information on Shared Assessments, please visit http://www.sharedassessments.org.
MEDIA CONTACT:
Marya Roddis, Vice President of Communications
O: 505-466-6434 C: 575-235-8228
[email protected]
SOURCE The Santa Fe Group, Shared Assessments Program
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