Data & Privacy - Privacy Transformation
Third-Party Risk Management
With businesses’ ever-increasing outsourcing of data processing tasks to suppliers and partners, it is critical to have efficient, effective and compliant third-party risk management protocols.
Challenges
When engaging with many third parties, it can be difficult to mitigate privacy risks effectively.
Organisations have long relied on third parties for specialty services, competitive advantage, operational efficiency and cost savings. However, an important shift is taking place as organisations expand their third-party ecosystems to execute critical core personal data activities when it comes to the processing of customers' and employees' personal data. As a result, the overall risk profile for the business relating to privacy and IT security is increased.
Businesses often face typical challenges impacting their overview of the data processing landscape and the necessary security measures.
- The sheer number of relationships can explode as organisations rapidly adopt new operating models and outsource more core and non-core data management processing functions to third-party service providers, especially within cloud services.
- Organisations are uncertain as to what their third-party landscape looks like, this leading to uncertainty as to where the greatest security and privacy risks lie.
- There is confusion as to which vendors are data processors and which are data controllers. This leads to a lack of clarity in terms of the expectant responsibility of each party.
- A lack of data protection agreements with partner organisations may lead to increased security risks.
- The monitoring and detection measures relating to vendors is not mature. Hence, security and privacy risks may go undetected.
- Accountability relating to vendors is an often overlooked aspect of the relationship – ensuring that standards are maintained is essential.
These are key questions and challenges that all modern organisations must tackle. Deloitte’s Privacy Team understands these challenges and is able to provide experienced and expert assistance in solving them.
Our approach
Third-Party Risk Management is a constant activity, not a one-time task.
Our Privacy Team takes a tried and tested approach to streamlining your third-party risk management so it becomes an asset to your business, not a burden. We guarantee you a state-of-the art approach in terms of main elements of third-party risk management.
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Strategy, governance and policy
IT security and privacy is embedded within the company's strategy and governance framework relating to third parties, defining the company's risk profile and identifying the organisation’s priorities.
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Evaluation, management and monitoring
Based on the business culture and the IT security- and privacy-specific risks, third-party management processes are established and integrated in the governance framework. Coherence of approaches is established across the business through common models and boilerplate templates.
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Technological enablement
Based on the business culture and the IT security- and privacy-specific risks, third-party management processes are established and integrated in the governance framework. Coherence of approaches is established across the business through common models and boilerplate templates.
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Third-party risk management as a managed service
By having the process managed as a service, efficiency is increased by allowing the company's resources to be concentrated in other areas. External professionals are able to maintain the procedures and tools taking an interactive approach to the organisation’s stakeholders. Recurrent third-party risk assessments and internal audits, or oversight exercises, are used for ensuring continued regulatory compliance.
- Strategy, governance and policy
- Evaluation, management and monitoring
- Technological enablement
- Third-party risk management as a managed service
IT security and privacy is embedded within the company's strategy and governance framework relating to third parties, defining the company's risk profile and identifying the organisation’s priorities.
Based on the business culture and the IT security- and privacy-specific risks, third-party management processes are established and integrated in the governance framework. Coherence of approaches is established across the business through common models and boilerplate templates.
Based on the business culture and the IT security- and privacy-specific risks, third-party management processes are established and integrated in the governance framework. Coherence of approaches is established across the business through common models and boilerplate templates.
By having the process managed as a service, efficiency is increased by allowing the company's resources to be concentrated in other areas. External professionals are able to maintain the procedures and tools taking an interactive approach to the organisation’s stakeholders. Recurrent third-party risk assessments and internal audits, or oversight exercises, are used for ensuring continued regulatory compliance.
Why Deloitte?
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Reach out
If your business is having difficulties managing the many third-party vendors used and their associated risks, please contact us to receive best-in-class service for managing them optimally for your business in line with regulations.
