Vendor management is a critical factor for successful outsourcing, yet many organizations do not currently have adequate tools and processes to manage their vendor portfolios. It is this issue specifically that leads to mistrust amongst third party relationships. As seen with many recent cyber-attacks, third parties are increasingly a vector of attack organizations must address.
What if you could eliminate the risk of surprises cropping up in your third party relationships? What if you could more effectively prioritize resources to manage third parties, recapturing time and resources to devote to more important things? This is exactly what the RSA Archer Third Party Risk and Performance Management solution is all about.
This year marks the first ever Gartner Magic Quadrant for IT Vendor Risk Management and we are very excited to report that EMC-RSA was one of only two vendors to be positioned in the Leader’s Quadrant and the vendor positioned highest in “Ability to Execute” in the that Quadrant.
Over the last 18 months, we have seen an increase in the number of organizations addressing third and fourth party risk and performance management challenges. Supplier risk management is becoming a board level issue given recent news headlines, so organizations are scrambling to establish better processes and technology to help them address vendor risk.
The RSA Archer Third Party Risk and Performance Management solution is designed to provide customers with the ability to manage the entire lifecycle of a vendor relationship including:
- Catalogue third party relationships, IT and non-IT alike
- Establish business context for all third party relationships to understand ownership, accountability, business processes supported and affected products and services.
- Assess the inherent risk of individual engagements across multiple risk categories (financial, information security, resiliency, sustainability, operational, compliance and litigation, etc.) and roll up the risk of all of the third party’s engagements to understand the overall risk of doing business with the third party
- Collect vendor assertions and supporting documentation to evaluate the adequacy of their control environment
- Capture critical fourth party relationships and determine how well vendors are managing these relationships
- Track performance indicators and SLA metrics
- Evaluate vendor financial viability
- Determine circumstances where vendors need to provide proof of insurance and evaluate and manage associated certificates of insurance
I take great pride in announcing the Gartner leadership placement for EMC-RSA and encourage you to read the full Gartner report. Visit the RSA Archer Community and learn more about how we help organizations better manage third party relationships.
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