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Third Party Governance and Risk Management (TPGRM)

Most organisations have both direct and indirect relationships with third parties that are important to fulfilling business functions or operations. The increase in the adoption of new technologies (e.g. cloud based platforms and services) will further accelerate this reliance on third parties to perform critical business functions.

However due to the increasing number of high profile incidents related to third parties, managing third party risk exposures has quickly become a top priority for CISO’s and Risk Officers, as well as regulators. This trend is on the rise and is probably more prevalent today as more organisations become increasingly reliant on their outsourced service providers.

 

87 % of respondents have faced a disruptive incident with third parties in the last 2-3 years, of which 28 % faced a major disruption and 11 % experienced a complete third party failure.

Deloitte Third Party Governance & Risk Management Global Survey 2016

49 % of surveyed organisations experienced a data breach caused by one of their third party vendors.

Ponemon Data Risk in the Third-Party Ecosystem 2016 Report

Managing third party risk is vital to protecting an organisation’s reputation, data and operations, and ensuring regulatory compliance (e.g. POPI, PCI).  If third party risks are not managed, the organisation is exposed to greater risk of third party data breaches, costly penalties and remediation and reputational damage.

DigiRisk can assist clients with the following third party governance and risk management software and services: