How Internal Audit Brings Value to Your Third-Party Risk Management Program

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Organizations increasingly depend on third parties to provide core products and services to their customers. About 82% of enterprises entrust third-party vendors with highly privileged roles. This is a major risk of leaking sensitive data and can pose both a security risk and a serious privacy risk to an organization and its customers. These companies need to have multiple lines of defense in place to protect against any third-party risk that may arise. Any maturity third party risk management program will have more than one line of defense, and somewhere in that brigade will be a team of internal auditors. Internal audit’s job is to take an unbiased and holistic look at the business to ensure it is compliant with regulations and is properly equipped to reduce security vulnerabilities before risks creep in. and materialize into major disruptions.

To ensure that these programs are mature and working as they should, Internal Audit teams must adhere to some very important guidelines. Here are a few:

Evaluation of the current third party risk management program

Internal auditors should evaluate all third to an organization and determine if their current program is suitable based on the information they gather. Third-party risk management programs must be able to identify and remediate risks associated with their third parties while remaining compliant with all regulations.

Suggestions for improvement

If the internal audit team finds something that needs improvement, they should provide recommendations to the organization and walk them through the process. maturation their program. The same can be said for the general optimizations related to their use of third parties – not just the security risks.

Communication

Internal auditors should not remain silent when it comes to analyzing a program. Stay clear and consistent Communication with third-party risk management teams is paramount to program success and helps keep everyone on the same page.

Be audit-ready

Audits are essential to keep our programs running. But it’s important that you don’t rely entirely on audit teams to be your only source of truth about the changing risk landscape. With ongoing changes to regulatory requirements, Iceberg can help you prepare and reduce compliance inefficiencies by establishing automated cross-functional workflows and reporting across your business, ensuring you’re always ready for the future. ‘audit. And when you’re ready, you can better focus on improving what audit teams bring to your attention. Be audit-ready with the power of ServiceNow and the expertise of our Iceberg team, with over 15 years of experience delivering successful programs.

The post office How Internal Audit Brings Value to Your Third-Party Risk Management Program appeared first on Iceberg networks.

*** This is a syndicated blog from the Security Bloggers Network of Risk Intelligence Academy – Iceberg Networks written by Meaghan O’Brien. Read the original post at: https://icebergnetworks.com/how-internal-audit-brings-value-to-your-third-party-risk-management-program/?utm_source=rss&utm_medium=rss&utm_campaign=how-internal-audit-brings-value-to -your-third-party-risk-management-program

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