Normal business functions can be impacted by natural disaster, human error, or other external forces. Should any of these events occur, third parties need to be held accountable for data protection and contingency planning.
The third party contract should set expectations for ongoing operations and include a timeline for full recovery. Key elements of the third party business continuity management program include:
A business continuity strategy and objectives
Effective business continuity plans
Efficient crisis and communication procedures
Effective testing, updating and review processes
Hiperos 3PM Business Continuity
Hiperos 3PMTM Business Continuity enables companies to automatically identify which third parties pose business continuity/ data recovery risks, assess their risks, ensure they have controls in place to maintain business continuity, monitor the controls on an ongoing basis and generate auditable reports.
Ensure third parties have controls in place to cope with a disaster
Protect company from operational, financial and reputational damage
Accelerate third party business continuity validation
Respond quickly to investigations with an auditable record