Third-party risk management and data protection law compliance

How can your organisation achieve third-party risk management and data protection law compliance? Imagine third-party risk management as a city’s electrical grid — efficiently channelling power when well-managed but prone to disruptive outages when not. In such a scenario, modern automation tools act as reliable transformers, streamlining processes.

Third-party lifecycle automation

Automation in third-party risk management is essential. Automated workflows, for example, expedite background checks and approval processes during onboarding, enhancing overall efficiency.

Automated third-party risk assessments

Sophisticated risk management solutions offer the ability to automate risk assessments. Using this feature, you could create a risk assessment for a third-party cloud service provider, considering unique risks such as data breach incidents and downtime history.

Building trusted relationships and reducing reputational risk

By consolidating third-party details, you can better manage relationships. For example, categorising vendors based on their risk score effectively reduces potential reputational risks.

Third-party due diligence

In data protection law compliance, thorough due diligence is crucial. For instance, advanced software tools can help cross-check if a potential third-party vendor has GDPR compliance certificates or has faced any previous data protection law violations.

Third-party risk exchange

Access to industry-standard vendor risk assessments expedites the third-party risk management process. A platform that provides these can help you quickly evaluate a potential vendor’s cybersecurity measures.

Enterprise policy management

Effective enterprise policy management systems optimise compliance programs and boost security awareness across your organisation. These tools can streamline policy creation, distribution, and tracking.