From the course: Building a Privacy Program in the Age of GenAI
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Third-party risk assessment
From the course: Building a Privacy Program in the Age of GenAI
Third-party risk assessment
- [Instructor] We have talked about the value of cross-functional partnerships in privacy. In this video, we will see how privacy teams can add value by driving a solid third party risk management process. Third party risk management is important for two reasons. First, no company can do everything by itself. Companies can only assign their finite resources to a specific set of priorities and bets. And second, as a result, companies of all sizes engage third party vendors to meet a specific goal. For example, retail companies use payment vendors, like PayPal, to process payments rather than building their own payment system from scratch. Let's use billing as an example. The verification of consumer identity, actual charging of the card, the recording of the transaction, refunds, et cetera, are all often handling by third party vendors. As a result, we have seen a significant growth of these vendors that every company now depends upon. Because of the specialized nature of their…
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