AuditBoard has launched its third-party risk management solution. This new extension of AuditBoard’s connected risk management platform breaks down silos and engages relevant stakeholders inside and outside the organization, enabling third-party risk management programs to scale more effectively and meet the growing needs of their business.
Managing downstream risks posed by a vast network of third parties, including cloud providers, has become increasingly difficult as the COVID-19 pandemic has accelerated the digital transformation of the global economy and businesses have come to rely more on IT-related vendors. In this new era of dynamic digital risks, third-party breaches are now estimated to cost US businesses an average of $9.5 million per incident.
Information security, risk management, and compliance teams need the right solution to effectively assess and mitigate third-party risk while managing ever-expanding cybersecurity and compliance obligations. In conjunction with AuditBoard’s innovative and award-winning CrossComply solution, which enables organizations to manage their information security compliance programs at scale, AuditBoard’s third-party risk management solution enables teams to more effectively manage their overall IT risk and compliance posture.
“A wave of digital risks is rising as the global economy becomes increasingly interconnected,” said Rajiv Makhijani, SVP of Emerging Products at AuditBoard. “We created this purpose-built solution to enable our clients to stay ahead of this wave by more effectively and comprehensively managing the rapidly expanding third-party risk landscape.”
AuditBoard’s third-party risk management solution enables teams to save time, be better partners to the business, and scale through automated, collaborative workflows that enable more effective third-party risk management . This purpose-built solution supports customizable assessments, automated risk scoring, issue management, continuous monitoring, and centralized reporting and tracking.