In today’s economic conditions, organizations are constantly facing significant change and regulatory pressures, 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.
One of the most prevalent high risk concerns is 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.
Is your organization ensuring that the use of service providers and IT suppliers does not create an unacceptable potential for business disruption, regulatory impact or a negative impact on business performance? Enterprises must assess, monitor and manage their risk exposure from third-party suppliers that provide IT products and services, or that have access to enterprise information.
RAS is a Software as a Service and Risk based Audit Assessment Platform. Our platform, teamed with Rausch professionals, enables standardization & consistency, expedites the audit process and has been proven to significantly reduce fees & the overall impact on our client’s management teams. Utilizing RAS also greatly reduces administrative time, allowing our professionals and our clients to place a greater emphasis on risk evaluation.
The RAS assessments are based on several industry standard frameworks including; COSO, COBIT, ISO 27001, The Cloud Security Alliance, NIST, HITECH and HIPAA and several other regulatory Standards.
Our assessments are customized for each client’s environment taking on their look and feel. As a dynamic platform, RAS is mobile friendly, the assessment can be started on a computer and can be completed on your mobile device. The assessments are designed to interact with management using intelligent logic and allowing our clients to upload necessary control evidence simply by dragging it to the screen.