Human error is expensive. In fact, it costs U.K and U.S companies nearly $40 billion a year. To make matters worse, human error exposes you to security breaches. Hackers prey on the mistakes of others. According to research from IBM, 95 percent of all cyber security incidents involve human error.
Even with quality, cybersecurity measures in place, one typo or miss-sent email can be all a hacker needs to bring your system down. When you’re dealing with multiple third-party vendors, the chances for human error increases exponentially.
Why Proper Third-Party Risk Management is Essential
Yet, too many companies are doing this through outdated systems, manual excel spreadsheet entries, and email threads with multiple points of contacts. This not only makes vendor risk management a lot of work, but it provides more opportunities for mistakes.
At best, these mistakes will cost additional time. At worst, they’ll lead you to trusting a high-risk vendor with important data, defeating the entire purpose of risk management.
If you’re serious about managing vendor risk, you need a system that streamlines communication, reduces chances for error, and automates risk monitoring.
Manage Risk. Reduce Error. Protect Your Company.
With Ignyte’s vendor risk management module, you can greatly reduce opportunities for human error while increasing efficiency. Our platform comes preloaded with customizable risk management assessments and industry-standard requirements, removing busy work while ensuring nothing is missed.
Vendor compliance and communication is handled through the platform as well, so you don’t have to worry about an email getting lost or going to the wrong person. Should a mistake be made on a form, it can be corrected quickly and efficiently.
Of course, this is only one piece of what Ignyte can do for you. If you’re looking for a better way to handle vendor risk management and cut down on human error, schedule a demo today to see what Ignyte can do for you.