What is Third-Party Risk Management in ISMS?
Third-party risk management is used to manage relationships with all suppliers. By centralising your supplier network, you can begin to build supplier risk management processes that are robust, repeatable and flexible enough to grow with your business. ISO 27001 sets standards to protect your data when working with third parties. Third-Party Risk Management in ISMS is an application that assesses these security standards and vendor risks.
How It Works
The third-party risk management application in an ISMS is structured around the ISO 27001 framework, a generic information security standard used by organisations that use an information security management system (ISMS) to protect their data.
The application is aligned with Annex A of ISO 27001 and is designed for quick setup and compliance with a subset of ISO 27001 standards. It is intended to establish trusted and confident relationships with suppliers by providing a comprehensive view of supplier risk through inherent risk ratings and scoring.
Why You Need It
- Secure your data, employee data, intellectual property and financial information when working with suppliers.
- Gain a comprehensive view of your suppliers’ risks.
- Access to customiSable, pre-built workflows for tracking and storing supplier assessments and information.