Solution streamlines the assessment, monitoring, and remediation of third-party risk for information security, compliance, and risk teams.
AuditBoard, the leading cloud based platform transforming audit, risk, and compliance management, announced the availability of its Third-Party Risk Management solution. This powerful new extension of AuditBoard’s connected risk platform breaks down silos and engages relevant stakeholders inside and outside the organization, enabling third-party risk management programs to scale more efficiently and meet the growing needs of their business.
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Managing the downstream risks posed by a large network of third parties, including cloud vendors, has become increasingly challenging as the COVID-19 pandemic has accelerated the global economy’s digital transformation and companies have come to rely more heavily on IT-related vendors. In this new era of dynamic digital risk, third-party breaches are now estimated to cost U.S. companies an average of $9.5 million per incident.
Information security, risk management, and compliance teams need the right solution to efficiently evaluate and mitigate third-party risk while managing ever-expanding cybersecurity and compliance obligations. Working in conjunction with AuditBoard’s innovative and award-winning CrossComply solution, which allows organizations to manage their information security compliance programs at scale, AuditBoard’s Third-Party Risk Management solution empowers teams to manage their overall IT risk and compliance posture more effectively.
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“A wave of digital risk is rising as the global economy becomes ever more interconnected,” said Rajiv Makhijani, SVP of Emerging Products at AuditBoard. “We’ve created this purpose-built solution to empower our customers to get ahead of this wave by more efficiently and comprehensively managing the 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 and collaborative workflows that enable more effective management of third-party risk. This purpose-built solution supports customizable assessments, automated risk scoring, issue management, ongoing monitoring, and centralized reporting and tracking.
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