Now that we have identified the issues to watch out for, we can share what you can do to triage risks and develop your 3rd Party GRC Solution. 

1. Decide Who Will Be Leading the Program: CISO, Chief Risk Officer, Chief Compliance Officer, Chief Privacy Officer, 3rd Party Risk Leader, Vendor Risk Leader, Chief Procurement Officer, or CIO. 

2. Decide Who Will Be Implementing the Program:  Do you have specific people in your GRC or 3rd Party/Vendor Risk program or will people with other roles be doing it as part of their regular/normal job?

3. Decide Which Regulatory/Laws/Certifications/Security Frameworks/Catalogues you will start out with. Use 80/20 rule (Pareto’s Law) to drill down and FOCUS.

4. Decide on the Number of Vendors that you will start out with first. Use the Pareto’s Law to determine the number of initial 3rd Parties you are going to assess first.

5. Choose an Agile, 4.0 3rd Party GRC Solution, like JustProtect, that meets the following criteria: 

• Modern user interface and experience for easy on-boarding, training, and intuitive utilization. 
• Reduces 3rd Party qualification, assessment, selection, compliance, legal, and on-boarding by up to 80%. 
• SaaS based solution, hosted on a Tier 1 Cloud provider (AWS, Azure, Google etc.). 
• No on-premises software required. 
• Pay as you go and for only what you use model. 
• Dynamic metadata to create custom tagging, labeling, and categories for third parties.  
• Centralizes all questions, answers, comments, tasks, attachments, or links to attachments. 
• Ability to scale-up to 10,000+ 3rd parties/vendors and 100,000+ assessments per year. 
• Customizable dashboards and reporting, so no consultants are required. 
• Responsive to new feature requests in days or weeks. 
• Easy integration into existing workloads and workflows. 
• Does not require removing your legacy GRC (if you already have one).

Here at JustProtect, we have revolutionized the way 3rd Party assessments are done. Our automated platform enables you to assess anyone, especially 3rd parties/vendors, faster and easier than any other method. We streamline and manage assessments, either inbound or outbound, via any communication method or channel, while seamlessly integrating with existing systems, tools, or workflows. 

Our platform matches, validates, and highlights answers to enable people to “manage by exception” and reducing processing time by 80%. Evidence and solutions are centralized, stored with audit trails, time-stamped, and spotlights historical views/trends. 

We give you back your freedom from spreadsheet hell, email jail, a labyrinth of nested folders, rigid, proprietary GRC systems, and an army of consultants. 

Follow us on our social platforms and register for our upcoming webinar where we'll deconstruct cases with data breaches related to 3rd Party assessments.