Managing a portfolio of hundreds to thousand of third parties is nearly impossible without some level of prioritization.
CyberGRX’s Auto Inherent Risk (AIR) helps organizations take that critical first step by automating what was once a very tedious and time consuming task and arming you rapid inherent risk insights. By simply leveraging existing data on the Exchange, CyberGRX AIR autopopulates inherent risk business questions, so you can create a prioritized TPCRM plan and start addressing your most risky third parties first. If preferred, you can adjust the automated results to better fi t their specific third-party relationships.
Before even ordering an assessment, the Exchange arms you with immediate auto inherent risk insights on the business exposure your third parties create, accelerating your ability to perform accurate due diligence on your entire portfolio of third parties. Then, once the assessment is complete, you will receive validated information on what, if any critical control gaps exist at the individual vendor level, as well as benchmarking insights on residual risk across your portfolio and the ecosystem on the Exchange.
How CyberGRX Auto Inherent Risk (AIR) Works
Once you load your third parties onto the CyberGRX Exchange, it immediately auto-populates eight inherent risk business questions for each third party. The questions are pre-populated by crowdsourcing data from the Exchange on how other companies use that, or similar vendors. Inherent risk tells you the threat level created by your third parties, absent any security controls. Users can bulk accept the data or overwrite it as they see fit.
CyberGRX AIR Insights were designed to accelerate the assessment ordering process by allowing enterprises to immediately see a prioritized view of risks in their ecosystem and take action on their riskiest third parties.
- Replace a critical, yet time-consuming task with automated inherent risk insights
- Immediately identify which third parties pose you the most risk
- Create a prioritized plan to assess your riskiest vendors and apply the right level of due diligence
- Effectively manage more of your portfolio with a prioritized plan
Determining inherent risk is critical in any third-party cyber risk program. Traditionally, however, identifying inherent risk required working with multiple business relationship managers to determine how those third parties were actually used.
CyberGRX AIR automates this step by prepopulating eight inherent risk questions with crowdsourced data from the Exchange on how other companies use that vendor or similar vendors. Inherent risk not only helps organizations prioritize their third parties based on their potential risk, but it also informs the assessment process, validation, and analysis. For example, if a third party has access to their customer’s data, the customer can assess whether the third party has the proper security controls in place to protect their data. Regardless of whether CyberGRX users accept the automated results or edit them, the outcome is a rapid and prioritized TPCRM assessment strategy based on high, medium, and low-risk vendors.
The CyberGRX Exchange
Throughout the entire TPCRM process, organizations can make informed decisions and have a clear roadmap due to the dynamic, crowdsourced data from our Exchange.
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