Join us for a discussion on third-party risk management with our guest, Salil Aroskar from Athenahealth. Aroskar will talk about the impact of external partnerships on enterprises and the risks involved. Learn about strategies and parameters for handling these risks effectively. Why are third parties more common in today’s businesses? Watch the video below for insights on maintaining confidence, compliance, and security in a business landscape where third-party alliances are crucial.
The discussion begins with an introduction to Salil’s background and his role in managing cyber risk at Athenahealth, an American healthcare IT company based in Bangalore, India. Guy notices how risk assessment is a critical aspect of modern business operations, particularly in the cybersecurity landscape. In a dynamic conversation, our industry experts delve into the multifaceted nature of third-party risk management and its growing importance.
As the conversation unfolds, they explore the evolving nature of third-party risk, especially in light of the increasing reliance on external partners for various business functions. They highlight the shift from traditional cybersecurity measures like firewalls to broader risk management strategies that encompass business-related activities.
Furthermore, the discussion touches on the factors driving the expansion of third-party involvement. They cover industry trends, management styles, and business growth. They also stress the importance of understanding third-party relationships, which can range from simple vendors to strategic partners with deeply integrated roles.
Challenges in Managing Third-Party Relationships
Furthermore, they discuss the challenges of managing third-party relationships. Including identifying and assessing vendors, ensuring compliance with regulations, and mitigating various risks, including legal, geopolitical, and reputational risks. They emphasize the need for a comprehensive approach to third-party risk management and include inventory management, risk assessment, and ongoing monitoring.
The conversation also highlights real-world examples of third-party incidents, such as the Target and Home Depot breaches. Also, Salil underscores the potential consequences of inadequate risk management and considering the broader implications for business continuity and reputation.
Regulatory Landscape and Industry Standards in Third-Party Risk Management
Moreover, they talk about the rules for third-party risk, especially in industries like finance. Regulators are more interested in making sure third-party systems are strong. They also bring up how industries label suppliers and what it means for risk control.
Overall, the conversation underscores the complex and evolving nature of third-party risk. There is emphasis on the need for proactive measures to identify, assess, and mitigate risks associated with external partners. With more reliance on third parties for critical functions, robust risk management strategies are essential.