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In today’s world, business interconnectedness continues to grow as companies depend on multiple types of third-party vendors in order to conduct day-to-day operations. One of the toughest things about working with a third-party vendor is ensuring that their business practices are as safe and secure as your own. The current methods used to measure a vendor’s security posture tend to fall short. Using spreadsheet and Word document questionnaires sent back and forth through email is time consuming, static, and subjective. They give a “Point-in-Time” view of an organization’s security practices, rather than a full picture of their security posture.
While the definition and scope of risk management are wide-ranging, effective risk management is a product of taking a very specific set of measures. Without tailoring risk management efforts to meet our precise needs, we are left with generic “best practices” that may or may not be effective in a given scenario. These nonspecific practices are what lead to the gaps between risk management theory and risk management practice.