|1. Difficult to get access to high-quality News API data|
|2. Types of third-party risk are constantly spreading|
|3. Nature of third-party risk assessment is effective|
|4. A ready-made News API for evolving risk|
Today global enterprises require news data in abundance for targeting various purposes. Therefore, all organizations heavily rely on news API to get them a defined solution. Moreover, a news API can identify existing entities related to your industry. Besides, it lets you scale the data to reach targets and mark geographic regions you can’t on your own.
However, an increase in news API’s suppliers means high chances of being prone to risk. But at the same time, it has expanded the opportunities. While what was once restricted to brand monitoring has now changed the definition of news API. Although, it’s obvious that there will be an ongoing intimidating situation over operational, technology, and supply chain in any organization.
The good news is, News API works as a third-party risk monitoring service that’s made to detect the associated threats. Sadly, most organizations believe that their systems are not efficient enough to track third-party risks.
Let’s get to know why organizations find it difficult with third-party risk management. Hence, what can be done to meet the challenges?
1. Difficult to get access to high-quality News API data
It has been observed by the latest Deloitte survey that businesses today have restricted access to news API’s internal data irrespective of their industry. It is because enterprises don’t have direct permission to internal data like third parties, as they have with their clients. Besides, organizations don’t provide monetary incentives to keep their chosen news API motivated from offering them news data.
Therefore, media, previous or unresolved lawsuits can affect any business or brand’s reputation. Keeping a check on such necessary factors can reduce the news API’s risks.
Moreover, aspects like political instability, geographic disasters, terrorist attacks can create third-party threats. Therefore, it can be the rapid cause of high risk to a brand’s operations.
2. Types of third-party risk are constantly spreading
In fact, the chances of risks for global enterprises are increasing exponentially, yet the figures creating threats are expanding the scope for secure backup. Let’s consider the immediate demand for third-party risk due to the global pandemic.
Supply chains were disturbed, cybersecurity risks increased, and delivery services were left with minimum supplies. Hence, third-party risk management software requires to instantly filter to get relevant information. In addition, it can benefit them to broaden the search.
Regulation is another crucial area where the type and category of risk are continuously emerging. Let’s take examples of Alibaba, AliExpress, HKTCS, or DHgate that were affected by the prior regulations from the search query. Likewise, enterprises have to make strategies to stay constant in regulations, despite how much cyber threats increase.
This was a case of emerging third-party intimidation that organizations should monitor. Gauging outside sources such as news data can inform your entity of imminent regulatory threats.
3. Nature of third-party risk assessment is effective
Most of the time, threats aren’t gauging from a specific factor or event, instead, they are emerging based on the scale of data points. However, the amount of risk is vigorous, and it might switch over time. Thankfully, third-party assessment has made a comprehensive development over constant monitoring of risks. So, it says organizations require ongoing ingression to high-quality data that can detect threats in actual time.
Likewise, it’s salient for the financial sector that needs to follow all the regulations. Thus known as due diligence, that is a complicated yet lengthy procedure for almost all businesses. As we’ve discussed above, companies don’t have permission to gather internal data from third parties unless mentioned, that means they’ll require external sources like news API for monitoring risks.
Some main factors that can harm third-party risk are lawsuits, negative media, sanctions, watchlists, and politically exposed people. Thus, it is necessary to detect such types of news articles in real-time and measure the threat record for various third parties as events expand.
A ready-made News API for evolving risk
Today third-party monitoring is considered as the key aspect because of the demand in the use of its services from thousands of enterprises. Moreover, third-party risk management is repetitive, so you don’t have to measure particular points every now and then.
Thus, you can visit Newsdata enriched news API that delivers high-quality data sets. Besides, it tracks thousands of news articles, blogs, topics, and publishers, breaking news headlines in real-time. You can make complex search queries applying country, category, language, or specific keywords within a single query.
Further, our news API access over 100,000 news articles per day from web & media sources, news aggregators. Hence, it can ingest in any NLP & machine learning model. In the end, we can say that third parties provide more opportunities than threats to the enterprises.