“You can’t see the forest for the trees” is the theme when it comes to the outdated, traditional approach to TPCRM. In other words, when you’re looking at bespoke risk assessments one at a time, you’re unable to do the necessary analysis to ensure that your organization is sufficiently managing its risk. Additional reasons your TPRM program should include complete vendor ecosystem visibility are:
Being able to see your entire vendor ecosystem through one pane of glass allows you to perform vendor benchmarking across a variety of factors like company size, industry, ecosystem, and similar vendors in the exchange. This can give you insight into the overall cyber health of not only each individual vendor, but also your vendor ecosystem as a whole, allowing you to make smarter decisions.
Near real-time threat awareness.
When you’re able to view all your third parties at a portfolio level, you can better see where the opportunity for a cyber incident involving one (or more) of them exists. By contrast, bespoke assessments only give you point-in-time glances at the security postures of an individual third party, leaving the rest of the ecosystem unmonitored.
The ability to make risk-mitigating decisions quicker.
When you have risk intelligence (an integrated look into your risk posture) at both the individual third-party level and at the ecosystem level, you can pick and choose how to analyze and report on the data. This enables you to view your risk through the lens that makes the most sense to your organization.