Unveiling Third-Party Risk Management (TPRM): A Future-Proof Approach to RiskOur Third-Party Risk Management solution offers a comprehensive suite that enables businesses to effectively identify, evaluate, and monitor their third-party vendors. Keep reading to learn more.
In today's interconnected business ecosystem, managing third-party vendor risk is not just a best practice but a necessity. With 54% of organizations experiencing a data breach through third parties in the last year and 73% facing significant disruptions due to third-party cyber incidents, the stakes are high.
What’s more, our Risk Trends Report uncovered that 80% of GRC professionals lack full visibility into third-party security posture—and it’s easy to see why. The traditional manual methods of collecting security information and assessing third-party risks are labor-intensive, prone to errors, and inefficient. Well, not anymore.
Introducing Drata's TPRM Solution
Our Third-Party Risk Management solution offers a comprehensive suite that enables businesses—particularly in the hardware, software, and technology sectors—to effectively identify, evaluate, and monitor their third-party vendors.
The solution empowers customers to assess the impact of third-party vendors on their security posture, identify potential third-party risks, and take proactive steps in treating and managing these risks.
“Jiitterbit works with dozens of third-party vendors requiring constant vigilance alongside other time-sensitive tasks. Drata’s Third-Party Risk Management automates and consolidates key pieces of the process so we can take a proactive approach to managing risks while keeping our security program running smoothly."
—William Au, VP of Engineering Services and Security, Jitterbit
Key enhancements include:
Integrated Vendor Directory
Automatically populate your vendor directory and keep it up to date. Bulk import your list of vendors or use your SSO to automatically create and maintain your vendor directory. Gain a complete picture of your vendor ecosystem and the risks they pose to your organization so you can make informed decisions.
Automated Vendor Impact Assessment
Remove the subjectivity from how you assign vendor impact. Drata will automatically recommend a vendor’s impact level based on their data access, operational impact, and environment access level. This automation not only saves time but also ensures a standardized, thorough evaluation of each vendor's impact on your operations.
Advanced Vendor Security Questionnaires
Vendor security questionnaires provide deeper insight into the risk posture of your vendors. Build and share custom security questionnaires with your vendors, view vendor responses to questionnaires, and document any risks you’ve uncovered.
Vendor Risk in Organization's Risk Register
Manage and monitor third-party risks within your organization’s risk register in Risk Management, giving you one centralized view of both internal and external risk. Add vendors to risks you are already tracking, and proactively treat and manage risks you’ve uncovered.
Vendor Insights Dashboard
Keep your stakeholders up-to-date on the overall operational impact of your current vendor ecosystem, and determine what your highest priorities and most time sensitive activities are. Quickly gain the full picture of your vendor ecosystem including vendor status, vendor lifecycle, vendor risks, vendor types, and vendor impact level.
Additional Benefits of Drata’s TPRM Solution
On top of the game-changing advantages the enhancements above can bring to your TPRM program, here are some added benefits of automating third-party risk with Drata:
Achieve and Maintain Audit Readiness
Meet compliance requirements by documenting your vendors’ security reports, certifications, and share with auditors. SOC 2 Review Reports ensure you have the documentation needed to achieve your organization’s compliance goals.
Save Time by Managing Internal and External Risk in One Place
Drata’s TPRM capabilities free up valuable resources—both time and money—by eliminating the need for multiple tools to manage external and internal risks. This efficiency, coupled with the ability to manage the tasks associated with vendor risks and treatment plans, strengthens your organization’s overall security posture.
Proactively Address Vendor Risk
By automating and streamlining the process of managing third-party vendors, Drata enables your team to be more agile by proactively identifying and evaluating potential risks. Set reminders to prioritize your most urgent actions so that you can continuously monitor vendor risks, and feel confident in the vendors you choose to work with.
Drata's Third-Party Risk Management capabilities represent a paradigm shift for startups and mid-sized companies in the tech sector. These capabilities enable organizations to make informed decisions, prioritize risks effectively, and maintain a robust defense against third-party cyber threats.
Our TPRM solution is more than a tool; it's a strategic ally in the ever-evolving landscape of cybersecurity, offering peace of mind and a competitive edge in today's interconnected business world. To learn more, schedule some time with our team.