Third Party Risk Management INTEGRITYGRC

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Risk Management of Strategic Partners

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The Snapshot

1

The client gained a structured and regular third-party cybersecurity assessment, replacing the absence of an in-depth evaluation process.

2

A considerable risk reduction was achieved through ongoing identification, characterisation, and recommendations on partner risks.

3

The client was able to respond in a structured way to comply with requirements regarding third-party risk management.

The Client

A Pharmaceutical / Biotechnology company with more than 15,000 employees and global presence, with a broad ecosystem of strategic technology partners providing solutions in a CaaS (Cloud as a Service) model.

The Challenge

The Client has a set of strategic partners that provide technological solutions, mainly in CaaS (Cloud as a Service) model, and the client did not have the structure nor the in-depth knowledge to regularly perform the assessment of the cybersecurity posture of its partners and the potential risks that may arise from this.

The Solution

Co-designed assessment process – Developed together with the client, with different levels of depth defined by the criticality of each partner and solution.
Regular and structured assessments – Identification, characterisation and recommendations on the risks of each strategic partner.
IntegrityGRC – Combined use of the platform to accelerate the structuring, risk identification and monitoring of the Implementation Roadmap through the Assessments and risk management modules.

The Impact

The client now has an in-depth knowledge of the risks that result from each of its partners and solutions. Through the follow-up and management of these deliverables, a considerable risk reduction for the organisation has been achieved.

The engagement also enabled the client to respond in a structured way to a compliance requirement regarding third-party risk management.

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