New Laws, New Risks: 4th Party Compliance

New Laws, New Risks: 4th Party Compliance

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Okay, so, like, "New Laws, New Risks: 4th Party Compliance"! check It sounds super official, right? But what does it even mean?


Well, basically, everyones worried about who their suppliers are. You know, the companies they pay to do stuff. Thats 3rd party compliance!

New Laws, New Risks: 4th Party Compliance - managed service new york

    Making sure they are playing by the rules, not bribing people, protecting data, and all that jazz.


    But here's the thing (and this is where things get tricky). What about their suppliers?

    New Laws, New Risks: 4th Party Compliance - managed services new york city

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    The people your suppliers are using? Those are your 4th parties, technically.

    New Laws, New Risks: 4th Party Compliance - managed services new york city

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    And increasingly, companies are being held liable for stuff that goes wrong way down the line.


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    Think about it. You hire a company to manage your cloud storage. managed it security services provider check They use another company for cybersecurity (a third party, obviously). That cybersecurity firm might use some random data analytics company in, like, Uzbekistan (thats your 4th party!). If that Uzbek company has terrible security and your companys data gets leaked, guess whos in trouble? You are! Even though you probably never even heard of the data analytics company.


    New laws are popping up everywhere that puts the onus on companies to do due diligence, not just on their direct suppliers, but on the whole freaking chain! managed services new york city This is why its "new risks." Its harder to manage, harder to track, and honestly, kinda feels like a never-ending game of "whos responsible now?"


    (Its also a huge headache for compliance officers, trust me).


    It gets even more complicated because often you dont even know who your 4th parties are. Your supplier might guard that information jealously, seeing it as a competitive advantage. So, you have to push them to be more transparent (good luck with that!).


    So, what do you do? Well, you need to beef up your contracts with your 3rd parties. Make them responsible for monitoring their suppliers. You need to ask the right questions, do your research, and be prepared to walk away from a supplier if they arent willing to play ball.


    Basically, its a whole new level of compliance craziness.

    New Laws, New Risks: 4th Party Compliance - managed services new york city

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    And its not going away anytime soon!

    New Laws, New Risks: 4th Party Compliance