Procurement

Cost-Effective and Labor-Saving Third-Party Risk Management

Organizations in every almost every industry are utilizing more third-party, non-employees such as contractors, vendors, partners, supply chains, and non-humans like bots and service accounts to cost-effectively meet competitive pressures. While the business benefits are clear, the hidden costs and increased exposure to risk are often not.

One SecZetta client recently compared the effort to onboard third-party users using pre-existing tools and processes and found it invested an up to 40 staff hours between the line of business and an HR resource per third-party identity, applying a simple red light/green light (on/off) strategy vs. a matter of hours with SecZetta. While this estimate includes the steps for authorizing physical and logical access, it didn’t include the staff time needed to manage the lifecycle of the users (review and verify access, manage access changes, audit for compliance needs, and terminate access).

Another item often contributing to hidden costs is the use of HRIS systems to manage non-employee data. In addition to averaging between $150-$200 per identity, managing non-employee data in HRIS solutions exposes the organization to employment misclassification liabilities.

Unfortunately, most organizations, even large global enterprises, do not have sufficient resources and systems in-place to enforce business policies for the timely and effective collection, processing, and operationalization of third-party, non-employee information.

Read our latest white paper on Identity Gap in Third Party Risk Management

Download our latest white paper to read more on : Breach risks, Emerging compliance risks, Traits of successful third-party management, and Signs that an organization’s approach to third-party identity management is failing

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Making Third-Party Identity Risk Management Easy with SecZetta

SecZetta Can Help

SecZetta’s Third-Party Identity Risk solution helps organizations improve their operational agility by streamlining the processes and reducing the cost and risk of providing access to third-party, non-employees.

Because our solution is a purpose-built, easy-to-use application, it is able to facilitate the collaborative and connective information gathering from both internal and external resources which is needed to effectively manage the lifecycle of third-party users. This capability is essential in automating key business processes like onboarding, auditing, and offboarding, which helps shorten time to utilization during onboarding while at the same time reducing hidden costs and third-party risk over the lifecycle of the user.

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Key Benefits

Cut Costs
- Automate time-consuming and costly manual processes with customizable workflows
- Speed time to value for new non-employees with accurate and efficient provisioning
- Cut the high cost of maintaining non-employee data in HR and contingent labor systems
- Reduce the risk and costs associated with misclassification of employees and co-employment violations
- Stop supporting costly proprietary systems that struggle to meet evolving requirements
Improve Operational Efficiency
- Timely, accurate, and actionable information from a centralized, authoritative source for non-employee data
- Collaboration hubs enable internal & external resources to input information needed for third parties
- “No-code” design allows users to customize portals and workflows without technical resource support
- Workflows accelerate onboarding, simplify audits, and enable timely deprovisioning
- Standardized APIs ease integrations for: HRIS, IGA, IAM, vendor, and risk management systems
Reduce Risk
- Risk ratings can be assessed for individual third-party identities
- Automated workflows can be created to support identity re-validation audits
- Transparency into third-party relationships results in less over-provisioning and timelier deprovisioning
- Standardized APIs ease integrations for identity proofing, licensing validation, and credentialing systems
- An authoritative source for third parties helps avoid misclassification or co-employment
- Audits can be streamlined, reducing manual processes