Re-thinking Third Party Risk Management

Re-thinking Third Party Risk Management

@Pankaj_Goyal

5 Followers

1 month ago 348

Business #Cybersecurity #ThirdPartyRisk #supplychainrisk

Re-thinking Third Party Risk Management

@Pankaj_Goyal1 month ago

Re-thinking
Third Party Risk Management
Pankaj Goyal
Director Research at FAIR Institute
Octobe…

1/24

Do you believe that
TPRM is working?
2

2/24

2024 has been a bad
year for Supply
chain risk…
3

3/24

https://howmaterialisthathack.org/
Supply chain attacks / incidents have become the
#1 threat ve…

4/24

TPRM is not in a good shape… or Noseblind…
5

5/24

Third-party
risk is not a
high priority…
6

6/24

60-70% organizations are covering <49% third parties
7

7/24

8
The familiar problems still persist… manual, ad-hoc, labor intensive…

8/24

9
TPRM Challenges We Hear
Don’t Know
Which 3rd
Party to
Focus on
No
Automation
& Scale…

9/24

So how can we make
it better?
10

10/24

We asked the CISOs…
What are my top
third party risks?
What can I do to
reduce my risk
expo…

11/24

Remember:
Third Party Risk IS
First Party Risk
12

12/24

The FAIR-TAM™ Framework to manage third party risk
Risk
based prioritization
Comprehensive
co…

13/24

The FAIR-TAM™ Framework to manage third party risk
Risk
based prioritization
Comprehensive
co…

14/24

15
We published more research through the FAIR TPRM
Research Working Group

15/24

Research Objective: Identify the Top 10 controls for third
parties to reduce first-party risk.
P…

16/24

Could FAIR-TAM™
have helped make
2024 better?
17

17/24

Top Tier vendor due to high
Business interruption exposure;
concentration risk
Inside-out tele…

18/24

Top Tier vendor due to high
Business interruption exposure
Your own redundancy?
CrowdStrike con…

19/24

Risk
based prioritization
Comprehensive
continuous monitoring
Actionable
risk
mitigations…

20/24

90% focus on 10% most critical
third parties Automate inside-out telemetry Focus on yourself, rat…

21/24

Compliance Based Approach
Focus on managing tools &
process
Chase third parties to
remediate …

22/24

Remember:
Third Party Risk IS
First Party Risk
23

23/24

We can fix this…
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Reach out at
pankaj@fairinstitute.org

24/24

@Pankaj_Goyal

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