Organizations require security assurance of their supply chain. According to the 2023 IBM Breach Report, 15% of organizations identified a supply chain compromise as the source of a data breach. The most common and costliest record type compromised is personal identifiable information (PII). Third-party risk management is not only about prevention of data breaches, but it can also identify resiliency and continuity of critical suppliers.
Companies must establish a resilient and proactive supply chain risk management framework to protect their operations, reputation, and long-term stability. Evaluating the security and privacy practices of your supply chain can proactively identify and address potential risks, strengthening overall cyber & privacy resilience.
Through our EASI methodology, we work with an organization to focus on creating or enhancing an assessment program to better ensure that vendor cybersecurity and privacy measures align with an organization’s expectations. EASI provides a comprehensive, software-agnostic solution framework for managing supply chain cybersecurity and compliance. Our service helps businesses identify, assess, and reduce supply chain risks through advanced analysis, ensuring resilience and minimizing disruptions.
The EASI methodology consist of these four components:
1. Engage
2. Assess
3. Structure
4. Implement
Benefits
• Governance of suppliers from all areas of the organization.
• Reduce the risk of a supplier incident
• Consistent review of new suppliers with stakeholders.
Why Implement EASI
• Review and improvement of current third-party management
• Engagement of all relevant stakeholders to ensure risks are identified before the agreement is signed.
• Continual monitoring of critical suppliers
The Radian Difference
All the ISO standards supported by Radian team members include some aspects of supply chain risk management. By having relevant knowledge in multiple frameworks, we can identify best practices to support an organization’s scope. We have created a proprietary process called EASI for Third Party Risk Management (TPRM) to additionally assist organizations to create a sustainable TPRM program.
Our team is constantly studying updates and providing relevant information about persistent and new supply chain risks to our customers. We are active in security organizations, including ASIS International, (ISC)2, ISACA, WiCys, IAPP, PMI, ASQ, and AITP–Chicago.
Connect with us now to learn how Radian Compliance can support your third party risk management process — and make it EASI.