AuditBoard released its Third-Party Risk Management solution. This 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.
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.
“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.