How the importance of Third-Party Management is increasing

By Noortje Dingemans

May 30, 2024

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Why Third-Party Management is crucial nowadays

When given a closer look, the importance of the role that the third party and third-party risk assessments play in maintaining a strong security posture across the organization is magnified. Despite the vendor ecosystem being critical to mitigating risk throughout an enterprise, many organizations are not appropriately assessing their third parties (and in some cases, are not at all). ^[1]

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Legislations and regulations on Third-Party Management

In light of the increasing prevalence of supply chain attacks and the impending wave of legislations and regulations, effective third-party management has become more critical than ever before. These regulations are increasingly recognizing the paramount importance of robust third-party management practices.

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For example, the NIS2 Directive now explicitly includes provisions related to supply chain security, NOREA has integrated control measures into its Privacy Control Framework, and NIST underlines that successful management of (cyber) supply chain risk necessitates guaranteeing the integrity, security, quality, and resilience of the entire supply chain and its associated products and services.^[2] ^[3] ^[4]

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For financial institutions operating in Europe, the forthcoming Digital Operational Resilience Act (DORA) applies directly to them and their essential third-party providers that offer Information Communication Technologies (ICT) services. DORA establishes a comprehensive regulatory framework designed to ensure digital operational resilience, compelling all companies to verify their capacity to withstand, respond to, and recover from a wide range of disruptions and threats related to ICT.^[5]

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The Anove technology can help you

Anove is designed to help your organization not only meet but exceed regulatory requirements. With supply chain attacks on the rise and regulations becoming more stringent, the significance of third-party management is becoming more and more clear. Nowadays, companies must take a proactive approach to safeguarding their information.

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By leveraging our Privacy and Information Security Management System, you can confidently demonstrate compliance with the NIS2 Directive, NOREA's Privacy Control Framework, NIST guidelines, and the DORA. Anove offers a streamlined approach to ensuring the integrity, security, quality, and resilience of your supply chain and its offerings. This allows your business to thrive in this evolving regulatory landscape.

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Take the holistic approach with Anove

Anove takes the holistic approach to cybersecurity by taking a comprehensive view of cybersecurity risks across an organization as well as its entire supply chain. By creating an application that centrally documents all required privacy, risk management and control evidence.
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Holistic cyber risk-management approach [6]

Stay up-to-date with the Anove technology

Understanding and managing technological dependencies is the cornerstone of efficient operations. Anove’s technology provides a comprehensive view of your entire technological ecosystem. With our tool, you can effortlessly identify critical dependencies, potential bottlenecks, and areas for optimization. Armed with this insightful information, you can make well-informed decisions, mitigate risks, and ensure the seamless continuity of your operations. All while making data available to your stakeholders.

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In today's regulatory landscape, establishing Data Processing Agreements (DPAs) is not only good practice but a legal requirement. With the Anove tool you can assign your stakeholders to your processing activities and add if the DPA was signed or not. You can enhance the app by adding a review frequency, ensuring that the DPA’s stay current and up-to-date.

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Managing Third Parties in the Anove technology

Managing third parties with the Anove tool, will be simplified by assigning owners and establishing review schedules for all involved parties, guaranteeing strict adherence to regulatory requirements, including the forthcoming NIS2 directive.

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To amplify your risk mitigation endeavors, we quantify the significance of each party's involvement and provide precise guidelines outlining the specific legislations they must follow.

This is how Anove delivers a streamlined solution for managing third-party risks, bolstering your organization's security posture, and ensuring regulatory compliance with utmost efficiency.
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