Hanover Stone Partners collaborates with advisory firm on new cyber offering
Risk management firm Hanover Stone Partners has collaborated with advisory firm Baker Tilly Virchow Krause on vendor risk management services to help businesses evaluate and manage cyber-risks relating to the use of contractors, vendors, suppliers and other outsourced providers.
As part of the agreement, Baker Tilly will work with clients on vendor risk management, conducting an extensive analysis of companies’ vendor relationships.
The analysis includes a review of the due diligence process used in selecting vendors, contractual arrangements, individual vendor performance and history of security breaches, among several other factors.
Vendor relationships are then stratified by their level of risk, from which measures are implemented to monitor business activity, evaluate risks, establish standards and manage compliance.
John Kelly, founder and chief executive officer (CEO) at Hanover Stone Partners, said: “Today, as part of their effort to understand and manage their enterprise technology and internet exposures, a growing number of businesses and public entities recognise their vendors and suppliers need to be included in all their critical risk assessments.
“The specialised expertise of Baker Tilly in vendor risk management along with the diverse experience of our senior risk advisors and partner firms gives us a dynamic capability to help clients in all sectors assess and manage these challenging risks.
“We look forward to teaming with Baker Tilly on behalf of our clients, including the growing number of businesses, public entities and organisations that face these serious exposures.”
Kevin Sullivan, director of Baker Tilly, added: “Even with the most robust internal safeguards and risk management measures against cyber-risks and related technology exposures, businesses may still be vulnerable to information security breakdowns associated with their contractors, vendors, and even IT service providers.
“We have developed an intensive process for helping businesses in all sectors evaluate and manage exposures associated with their vendor relationships and are pleased to collaborate with Hanover Stone Partners to bring these timely and critical solutions to our mutual clients.”
