Streamline your vendor onboarding process by aligning assessments to ISO 27001 Annex A requirements while creating a single source of truth for identifying risks, implementing mitigations, and scheduling vendor reassessments.
What is Third-Party Risk Management in ISMS?
Third-party risk management is used to manage relationships with all suppliers. By centralising your supplier network, you can begin to build supplier risk management processes that are robust, repeatable and flexible enough to grow with your business. ISO 27001 sets standards to protect your data when working with third parties. Third-Party Risk Management in ISMS is an application that assesses these security standards and vendor risks.
How It Works
Streamline new vendor requests with a standardized intake form that automatically identifies data-sensitive and business-critical third parties. Accelerate the risk scoring process with pre-built assessments that request a recent SOC 2® report or calculate a recommended risk score based on vendor attestations. Stay up to date with emerging risks and controls by automatically launching reassessments on a predefined basis.
Create a process your stakeholders can easily adopt with assignment notifications and automatic deadline reminders, easy-to-use questionnaires optimized for completion and secure third-party access, and standardize scoring with built-in vendor tiers, assessment scores, and risk levels that can be further tailored to your organization’s unique needs.
Quickly visualize active vendors, assessment status, risk scores, and resolution progress in a single platform alongside data from vendor risk intelligence providers like Black Kite, SecurityScorecard, and Vital4. Effectively identify and mitigate your most critical third-party risks with AI-generated vendor summaries and built-in NIST Cybersecurity Framework (CSF) mappings. Share program performance with stakeholders with easy-to-read dashboards that highlight time-bound success metrics like the average time taken to onboard a vendor or to complete risk mitigations.
Why You Need It
Whether you’re implementing ISO 27001 vendor assessments for the first time or looking to streamline your existing program, Risk Cloud’s Third-Party Risk Management: ISO 27001 Application provides pre-built, configurable workflows to help you:
- Accelerate vendor onboarding with automated assessment scoping and risk scoring
- Simplify internal and external collaboration with user-friendly workflows, automated notifications, and secure access for external vendors
- Visualize ISO 27001 compliance and proactively mitigate vendor risk with executive-ready reports and dashboards