In today’s economic conditions, organizations are constantly facing significant change and regulatory demands, pushing downward pressure on fees and driving costs higher. Companies are aggressively searching to find ways to streamline operations, remove costs, and drive value. However, boards and audit committees are stressing that uncertainty, volatility and the high-risk environments are at the top of their risk concerns.
The RAS (Rausch Assessment Solutions) Platform addresses one of the most prevalent high risk concerns, vendor risk management. Last year, it was reported that third-parties were the number-one security risk to financial services firms. There were over 500 data breaches reported with nearly 13 million records exposed last year alone. These breaches are representative of a new problem that’s sure to plague businesses for some time to come: data loss and compromise via third parties.
The long-term effects of data breaches that have originated via third parties may have the attention of executive boards of directors and audit committees, however, C-level executives are still challenged with just how to handle third party vendor risk management. Long term effects can include: legal action from customers, damage to the company’s reputation, costly post-breach remediation, and expensive forensic security services.