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The future of third-party risk management

Smarter assessments

Managing third-party risk, particularly around data, has become vital for organisations. At the heart of that risk management are effective third-party assessments. 

PwC’s innovative assessment solution is driving third party-risk management into the digital age. 

Our digital third-party assessment platform creates an efficient end-to-end process. It generates powerful data-driven insights, allowing proactive risk management and optimisation.

A complex challenge

Third-party suppliers are delivering significant benefits to businesses around costs, scale and capabilities. But they are also introducing weaknesses and risks across the supply chain. That includes the confidentiality, integrity and management of data. 

Some organisations have thousands of suppliers on their books that handle company data. They face a complex and evolving risk-management challenge.  

Organisations, particularly financial service providers, are also facing increased regulation around third-party suppliers handling of data. From 1 July 2019, APRA introduces CPS 234, the first mandatory Prudential Standard for information security. 

A digital solution 

For years we have partnered with some of Australia’s largest organisations to deliver third-party security assessments locally and globally.

We have evolved our service offering into a proprietary framework. A data-driven digital platform is at its heart. It allows you to gain real-time insights into third parties and to track remediation actions throughout the year. 

The services of our mature offshore capability can also augment the framework to help deliver cost-effective assessments.

Our third-party assessment offering can also help financial service firms navigate APRA’s new CPS 234 requirement.

Key features:

  • High-quality: Creates a high-quality data asset about the security controls at your third parties

  • Robust: Provides a centralised source of trusted information

  • Secure: Hosted in PwC AWS environment within Australia; Simultaneous 24/7 multiple user access with advanced access controls

  • Data-driven: Provides access to meaningful insights, trends and patterns enabling data-driven decision making

Benefits:

Manage

Manage: Manage assessments online with the ability to upload supporting documentation via PwC’s web-enabled digital platform, Datapoint

Monitor

Monitor: Real-time progress tracking across multiple third parties

Resolve

Resolve: Manage issues raised and establish resolution deadlines with the ability to track progress

Analyse

Analyse: Access advanced data analytics, interactive visualisations and benchmark across your third parties and controls

Report

Report: On-demand access to third-party assessment and reports

Safely harnessing the power of third-party suppliers

Given the significant benefits, businesses will continue to explore and expand their use of third parties.

PwC’s third-party risk assessments are empowering organisations to safely harness those benefits and to plan for a secure and profitable future. 

Download an overview of PwC Third Party Security Assessments:

Financial Services All businesses

Contact us

Peter Malan

Peter Malan

Partner, Cybersecurity & Digital Trust, PwC Australia

Tel: +61 413 745 343

Ryan Ettridge

Ryan Ettridge

Partner, Brisbane, PwC Australia

Tel: +61 417 702 234

Craig Sydney

Craig Sydney

Partner, Sydney, PwC Australia

Tel: +61 400 215 757

Cameron Jones

Cameron Jones

Partner, PwC Australia

Tel: +61 8 9238 3375

Kim Cheater

Kim Cheater

Partner, Assurance, PwC Australia

Tel: +61 414 227 035

Shad Sears

Shad Sears

Partner, Canberra, PwC Australia

Tel: +61 419 771 079

Clare Power

Clare Power

National Leader, Third Party Trust, PwC Australia

Tel: +61 (3) 8603 2360

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