Fourth Party Risk: The Future of Compliance

Fourth Party Risk: The Future of Compliance

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Okay, so, Fourth Party Risk.

Fourth Party Risk: The Future of Compliance - managed services new york city

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Its kinda a big deal, right? I mean, were all worried about third-party risk, making sure our vendors arent, like, leaking our data or causing us compliance headaches.

Fourth Party Risk: The Future of Compliance - managed services new york city

    But what about their vendors? Thats where the fourth party comes in.


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    Think of it like this (and it kinda makes my head spin a little).

    Fourth Party Risk: The Future of Compliance - managed services new york city

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    You hire a company (third party) to handle payroll. Great! But they use a cloud service (fourth party) to store all that sensitive employee data. If that cloud service gets hacked, well, guess whos still on the hook? You are!

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    Its like a compliance domino effect!


    The future of compliance? I reckon (I like that word), its gonna be way more focused on this fourth-party stuff. We just cant assume our third parties are doing their due diligence, you know? We gotta have some kinda visibility down the chain. Its complex! managed it security services provider I mean, how deep do you go? Fifth-party?

    Fourth Party Risk: The Future of Compliance - managed it security services provider

      Sixth? Where does it end?


      I think one important thing is better contracts. Making sure our third parties are responsible for managing their risks, and that they have to tell us who they are using and what theyre doing.

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      Also, maybe some kinda standardized assessment process for fourth parties would be helpful. Imagine everybody using the same questionnaire, that would be really efficient.


      It isnt easy, and its probably gonna be a pain to implement, but honestly, ignoring it is a way bigger risk. check managed services new york city Compliance is just gonna get more complicated, and fourth-party risk is definitely part of that. Its the future!

      Fourth Party Risk: The Future of Compliance