Today, vendors management has come to the forefront of organizations attention. In order to focus on their core business, most organizations outsource some of their operations to support their business needs. This approach, however, can add new threats and increase an organization’s exposure to security risks.
This means that third-party vendors can handle some critical information and directly influence a company's risk and compliance management process.
The challenge to manage security controls and ensure regulatory compliance becomes even more significant if we consider usual third-party vendor systems and Vendor management methods, i.e. using question forms and on-site audits.
Additionally, some regulations, including Gramm Leech Bliley (GLBA), FFIEC Outsourcing technology service providers and Sarbanes Oxley, require a Vendor Risk management process to be in place for compliance.
To meet this challenge, Modulo Risk Manager implements a sound IT Governance, Risk and Compliance Management process designed to help organizations manage third-party related risks. It automates the company's risk assessment process by providing an inventory of vendors and mapping risks in each business process that is supported by a vendor.
Modulo Risk Manager provides a reliable process for assessing risks and efficiently keeping and updating critical information.