A haphazard department and document centric approach for third party GRC compounds the problem and does not solve it. It is time for organizations to step back and mature their third party GRC approaches with a cross-functional and coordinated strategy and team to define and govern third party relationships. Organizations need to mature their third party governance with an integrated strategy, process, and architecture to manage the ecosystem of third party relationships with real-time information about third party performance, risk, and compliance, as well as how it impacts the organization.
GRC 20/20 has developed the Third Party GRC Maturity Model to articulate maturity in the Third Party GRC processes and provide organizations with a roadmap to support acceleration through their maturity journey.
There are five stages to the model:
Today we look at Stage 3, the Defined level of Third Party GRC
The Defined stage suggests that the organization has some areas of third-party GRC that are managed well at a department level, but it lacks . . .
[this is a guest blog authored by Michael Rasmussen of GRC 20/20 that can be found at Aravo site, follow the link below to read more]