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
Download NowMaking 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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