Data Privacy Compliance and Third-Party Risk Management: A Unified Approach
Organizations today face mounting pressure to demonstrate robust data privacy and security practices, particularly when working with third-party vendors and service providers. This comprehensive guide explores how data privacy and third-party risk management (TPRM) teams can work collaboratively to create a unified approach that safeguards sensitive customer data across all external relationships. With the evolving regulatory landscape, including multiple US state privacy laws and the aftermath of Schrems II, companies must implement integrated strategies that encompass data mapping, transfer impact assessments, and centralized third-party inventories. The guide provides 10 essential best practices for achieving privacy compliance when working with third parties, emphasizing the importance of understanding data flows, assessing fourth and fifth-party risks, and maintaining comprehensive oversight of all vendor relationships.
In this guide, you'll explore
- 86% of the US population considers data privacy a growing concern, with 88% wanting organizations to lead in establishing corporate data responsibility
- Multiple US state privacy laws are now in effect, including CCPA, CPRA, CPA, CTDPA, and UCPA, with more states implementing regulations through 2026
- Transfer Impact Assessments (TIAs) are now required for EU to non-EU data transfers following the Schrems II decision that invalidated the EU-US Privacy Shield
- 71% of organizations have more third parties in their network than they did three years ago, requiring expanded oversight of fourth and fifth-party relationships
- Data privacy and TPRM teams must collaborate to create centralized inventories, comprehensive data maps, and integrated risk assessment workflows