Avior Computing, Inc., a leading innovator in compliance management solutions, announced today a new service initiative aimed at reducing the cost of third-party risk assessments. In cooperation with Protiviti, a global business consulting and internal audit firm, Avior Computing can deliver optimized solutions that reduce the cost of and increase transparency into third-party risk assessments.
Avior Computing’s new managed service offering allows customers to fulfill their regulatory and fiduciary obligations to manage third-party risk at a reduced cost, while focusing their internal resources on core activities that build value. Avior and its partner organizations can perform the entire third-party risk management function, or specific parts of the third-party risk management process. The Managed Third-Party Risk Assessment Service is available now.
In a recent survey of 359 companies conducted by Gartner, Inc., Gartner found that 20 percent of the respondents spent 10,000 to 30,000 hours a year assessing the security controls of vendors, partners and providers.
“In our experience, companies tend to believe that when services, such as IT processing and maintenance, are outsourced to third-party providers, the risks are outsourced to them, too. As a result, businesses do not take the steps necessary to ensure their customer data is being protected by these providers, opening them up to the significant threat of a breach,” said Mike Money, a director in Protiviti’s security and privacy practice. “Protiviti has completed hundreds of vendor risk assessments and has been successful with a modular approach that compartmentalizes the vendor based on the risk around the services provided. We look forward to contributing this expertise to our alliance with Avior in delivering leading-edge third-party risk assessments.”
“Third-party risk and regulatory compliance management is a significant non-core burden for organizations,” said Steve McCalmont, Avior Computing CEO. “Our new managed service offering, in cooperation with leading consultancies, enables Avior and our consulting partners to help clients to achieve increased third-party risk transparency, with less effort and expense.”
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