Supplier security assessment happens to ensure that the third party is trustworthy enough to share your data. This is also part of Third Party Risk Management.
Doing these assessments are especially crucial in a business. This is time conscious, and quality efficient at the same time. Being too lenient is hurtful. While negligence is a sure fall.
So how can you ensure you are doing enough with your SSA? (Supplier Security Assessment) In this article, let us see the best practices you should have employed. But first, let’s consider the need of having this assessment.
Why The Need
These assessments are done by big or fortune 500 companies since the 2000s. However, as the years go by, even small companies are hit by cyber-attacks.
Do you know that third party attacks are more costly? In fact, more than 60% of professionals believe. That companies suffer from breaches. Because of third party connections. These attacks are especially costly for smaller organizations.
However, only 50% of United States’ companies have third party risk management. Mostly do not feel obliged. Also, some have learned the need the hard way. That is when they’re already attacked.
Now is especially the time. To implement these cyber protocols within your systems. Also, you should know that these processes need not be expensive. You just have to be consistent and keen.
In addition, know that engaging in it now, hurts you less. Better save your regrets. But, make sure you do it right, or else you’ll still fail. So let’s further discuss the must-know tips for this risk management.
How To Do Supplier Security Assessment Better?
While it is true that the traditional way made it first. But, make sure to keep pace with the need. The need is to deliver these assessments in a time-efficient manner. Also, quality should be ensured at most.
However, keeping spreadsheets and calendars are no longer effective. So why not turn to automated workflows?
There are lots of automated tools available today. You can make use of them for more efficiency. Especially if you are dealing with more than one third party.
Have A Team
One wrong way of dealing with this is leaving the task to a single person. Or suppose, with the Vendor Risk Manager.
While it is true that he manages the job. But know that he cannot do everything at best. Even when he has the tool for the job.
Thus, have a team for the task. Divide the task and processes between members.
One efficient way of handling these assessments is keeping track of your third parties. Keeping track involves updating your inventory on a regular basis.
However, it’s easy to lose track when you have so much on the tray. So why not have someone specifically focused to keep track? In addition, this list should be regularly kept up to date.
Moreover, keeping track involves continuous monitoring. Never be complacent. After determining the security of your supplier. Do not stop. But, keep on testing their performance and make the necessary changes.
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