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Recent high-profile risk events related to third parties have given third party risk management (TPRM) unprecedented attention and positioned it, rightfully, on the agendas of C-level risk discussions.
The universal dependence on third parties for every facet and function of operations, as well as the access third parties are provided to systems, networks, and data, has exposed organizations to all manner of threats and vulnerabilities. The trend toward comprehensive TPRM spans industries; an integrated approach yields more efficient use of scarce resources by performing more focused assessments and streamlining remediation, and more effective risk management by accurately defining inherent risk and leveraging the full array of internal controls.
Read our guide to developing an effective third party risk management strategy, and learn more about what your company can do to protect its most valuable assets.
This paper describes the current state and challenges faced by organizations that rely on traditional on-premise systems in today’s rapidly shifting and increasingly complex environment. In response to these challenges, we describe the motivation, technical approach, and business advantages associated with Booz Allen Hamilton’s experience with migrating traditional IT environments into Amazon Web Services, while not only maintaining compliance with common frameworks (e.g., PCI, HIPAA, FISMA), but also achieving best-in-class data protection.
“Focus on identifying what relationships are truly critical, set risk reduction instead of merely risk identification as the end goal, and make continual improvements rather than attempting to build a perfect solution.”