Published: 27 April 2018
Analyst(s): Consult the Board Research Team
This summary contains input from twenty-two members regarding how they are identifying, assessing, and monitoring risks accompanying their use of service providers and IT vendors that have access to sensitive data. We begin this summary by asking members about the maturity of their vendor risk management practices, how they assess and measure different categories of vendor risks, and if they have an established baseline level of practices, capability, and governance for relationships with third-parties. Following that, we examine processes, tools, and methodologies that members have adopted for continuous monitoring and managing of IT vendor risks. Next, we continue to focus on members' attempts to validate risks with fourth-parties in the supply chain and their efforts to identify cyber breaches at vendors in use. Finally, we close this summary by looking at members' key stakeholders involved in developing processes or frameworks for identifying and overseeing IT vendor risk management and the protection of data.
Guiding Principles on Independence and Objectivity.