New BitSight Innovations Help Organizations Achieve a Higher Standard for Third-Party Risk Management
"Third-party ecosystems are expanding rapidly and organizations of all shapes and sizes struggle to create effective risk management programs," said
- Portfolio Dashboard: Surfaces the most important information from across the
BitSight platform onto a dynamic, customizable dashboard, enabling users to quickly visualize, identify, and prioritize urgent third-party risk issues from non-urgent ones. - Life Cycle Stages: Provides customers specific engagement guidance during various stages of the vendor lifecycle -- from onboarding to ongoing monitoring to reassessment -- based on the nature of a third-party vendor's relationship with the customer, the stage of the relationship, and measured security performance.
- Risk Summary: Gives business context to technical findings, enabling customers to quickly identify and understand the most critical areas of concern related to third-party cyber risks, and accept or reject risk.
- Tier Recommender: Aids with setting the significance of a vendor relationship by leveraging tiering best practices observed across
BitSight's customer base and providing intelligent recommendations. - Assessment Reporting: Maps
BitSight data to cybersecurity questions in a vendor assessment questionnaire, validating qualitative data collection, producing consumable reports, and reducing the number of questions needed in a vendor assessment. - Company Relationship: Makes it easy for customers to apply the proper level of due diligence based on the relationship they have with that company (e.g., vendor, competitor, fourth-party).
- Portfolio Risk Matrix: Gives an organization a clearer picture of the state of its third-party portfolio's risk aligned to its organizational policy, with the ability to adjust vendor tiering and risk thresholds.
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