A Third-Party Management Best Practices Checklist

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Know Their Business

It is not enough to hire third parties to help your company – you also have to know what business they are doing on your behalf. Ask yourself this question: If today you had to pull a list of which of your vendors or business partners have access to employee or customer PII, or to your IT systems, how long would it take? If you had to contact those companies for additional information, do you have accurate contact details?

Did you know that the majority of companies lack accurate (or any) contact information for the majority (north of 75 percent) of their third parties? This means that businesses may have incomplete, inaccurate or outdated information about the work that their third parties do and where and why they do it. Not knowing this information increases the chances of exposing your enterprise to risks and breaches.

Regardless of what business you're in, chances are you're working with more third-party organizations today than ever before. Whether it's human resources, IT, marketing or everyday vendors, businesses are increasingly looking to third-party suppliers to help reduce costs and grow the business. While these third parties can provide great opportunities for a company, they can also pose great risks – some catastrophic to your brand and revenues – if not properly managed. For instance, who would have guessed that a regular HVAC vendor could be at the center of a multimillion dollar data breach? Or a consultant disguised as a domestic-supplier could lead to one of the largest FCPA enforcement actions in history?

In this slideshow, Greg Dickinson, CEO of third-party management expert Hiperos, provides a checklist that companies must keep in mind to ensure due diligence when working with third parties.

 

Related Topics : A Big Market for Big Data Jobs, Midmarket CIO, IT Management Automation, SharePoint, Technology Markets

 
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