Third-Party Risk - Succeeding in an Outsourced Economy

In today's economy, our businesses rely on third parties, partners, vendors and suppliers to succeed. Every year, each of our companies goes out and audits its third parties, but it’s hard to show how much risk that process reduces. Some companies hire armies of people to drive this, and others do a great job of profiling their third parties and using limited resources wisely to mitigate the most risk. Recognizing that not every company is going to have a staff of 50 people ensuring security and privacy across all third parties, we need to make smarter decisions about which ones to audit and how deeply to audit them while ensuring that our privacy requirements are clearly documented. From profiling and tiering to process automation to scaled levels of effort, there are several tactics you can deploy to improve your effort-to-risk reduction ratio. This recorded discussion captures what innovative approaches one large, global company has tried and what’s worked.

What you’ll take away:

  • How to prioritize your third parties in order to know which ones to focus on
  • Counterarguments to the most common roadblocks and obstacles impeding your privacy program
  • A rationale for why your privacy and security practices create business value and better partnerships throughout the organization

Panelist:
William O'Connell, VP, Global Trust Assurance, ADP

Privacy. Security. Risk. 2015
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