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.
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.
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.
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
Manage: Manage assessments online with the ability to upload supporting documentation via PwC’s web-enabled digital platform, Datapoint
Monitor: Real-time progress tracking across multiple third parties
Resolve: Manage issues raised and establish resolution deadlines with the ability to track progress
Analyse: Access advanced data analytics, interactive visualisations and benchmark across your third parties and controls
Report: On-demand access to third-party assessment and reports
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:
Partner, Cybersecurity & Digital Trust, PwC Australia
Tel: +61 413 745 343
Partner, Brisbane, PwC Australia
Tel: +61 417 702 234
Partner, Sydney, PwC Australia
Tel: +61 400 215 757
Partner, PwC Australia
Tel: +61 8 9238 3375
Partner, Assurance, PwC Australia
Tel: +61 414 227 035
Partner, Canberra, PwC Australia
Tel: +61 419 771 079
National Leader, Third Party Trust, PwC Australia
Tel: +61 (3) 8603 2360