Managing risk in a hyper-outsourcing world requires facilitating good vendor relationships

Managing third-party risk is crucial in an interconnected business environment, according to Greg Besegai of RiskRecon. As outsourcing becomes more common, organizations are no longer standalone entities, but part of a complex web of partnerships. Besegai highlighted the importance of managing third-party relationships in the healthcare sector, where sensitive information is often hosted externally. He advised organizations to establish data and security policies during the pre-assessment phase and to “trust but verify” the vendors they work with.