Andrew Morton emphasizes the importance of risk-based third-party risk management (TPRM) with a focus on vendor tiering, adaptive assessments, and independent assurance reports. He advocates for a scalable, transparent approach that aligns with industry standards to produce actionable insights for leadership. #ThirdPartyRisk #ISO27001 #SOC2 #VendorManagement
Keypoints
- Implementing a risk-based TPRM approach is essential for scalability and defensibility.
- Vendor tiering based on data sensitivity, access, and criticality guides assessment intensity.
- Deep understanding of vendors’ vendors and critical sub-processors enhances third-party visibility.
- Metrics linked to business impact resonate better with executives than operational metrics.
- Stakeholder engagement and early collaboration are crucial for successful TPRM program adoption.
Read More: https://thecyberexpress.com/third-party-risk-management-best-practices-andrew-morton/