The GDPR Threat
With the Information Commissioner's Office's (ICO) ever increasingly active enforcement of the GDPR data regulation, companies both inside and outside of the EEA continue to feel the pressure, particularly when it comes to their third parties. In October alone, ICO issued 29 penalties for breaches of GDPR. Even outside of the reach of the ICO, third parties are consistently one of the biggest risks threats to any organisation, and programs are forever evolving to keep up.
As these TPRM programs evolve and mature, they invariably experience the growing pains of maintaining the appropriate levels of due diligence on their third parties while fighting to ensure their limited resources keep processes moving and do not create a bottleneck for the business. Historically TPRM teams have turned to internal Inherent Risk questionnaires to help segment relationships, de-scope low risk concerns, and determine the required next steps. More recently, scanning tools have been employed to help more rapidly ‘green light’ lower risk relationships and to support in the assessment and monitoring of higher risk engagements.
The Predictive Accelerator
Those with large and rich historical datasets (and the technical know-how to leverage them) are now offering to predict the results that their scanning solutions will provide – without needing to get hands on with the entity to learn about them. This capability further enables companies to more efficiently and effectively segment their third parties into those who require further assessment and into an increasing pool of those who don’t.
Use of Predictive Analytics in TPRM is currently limited to some of the scanning technologies, but CyberGRX are proud to announce they are now offering to take this revolutionary approach to the assessment level results. With upwards of 85% accuracy across a full third-party assessment, CyberGRX can predict the maturity, control framework coverage, and Top Risks of any organisation on the planet.
Please reach out to discuss how CyberGRX’s assessment predictive analytics can help accelerate your TPRM program and maintain regulatory compliance.
Learn more about predictive risk profiles