Eliminating the Administrative Burden of Vendor Risk Assessments

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Eliminating the Administrative Burden of Vendor Risk Assessments

March 15, 2020

 

Sending countless emails? Making unnecessary phone calls? If you’re tired of chasing vendors to submit your security assessment questionnaire, we hear you. Anyone tasked with leading or executing a vendor risk management program knows the administrative aspects can be a heavy lift. In most cases, it’s up to 80% of the workload!

 

Regardless, it’s a critical function. Even slight oversights in your administrative plan or its execution can cause serious blind spots, increasing third party risk. The large number of vendors in play for most corporations makes getting this right really important, but increasingly difficult.

 

Privva exists to streamline the entire vendor risk management program. As former practitioners who understand the pain, we’ve used our first-hand knowledge of TPRM challenges to build a simplified yet rich platform that works for the way you do. We automate each step of the process to rationalize both the workflow itself and the many associated reporting requirements that keep vendor risk management teams taxed. 

 

To begin, Privva helps you jumpstart the due diligence on a new vendor being considered or an existing vendor being reviewed. Just send us the name of the vendor and the specified contact information to get things going. If you don’t have that information for the security or compliance teams, we’ll help you get it. 

 

Even once you have the right contacts identified and have sent your questionnaires, obtaining their responses is usually time-consuming, which means it’s also expensive. Privva saves you both time and investment by automatically tracking the progress of assessments in play and following up if the vendor fails to respond. We get our hands dirty so you don’t have to. The outcome is an easier, more efficient process that enables often-stretched staff resources to focus on higher value issues. 

 

Regardless of how big or small your company and security team are, we’re here to help advance their productivity, even offering a breadth of technical and managed services for as little or as much help as they need. From risk scores to remediation, from detailed reports to policy-guiding insights, Privva delivers the data and tools needed by each level of the organization that’s concerned with managing and reducing third party risk. 

 

By streamlining the entire process, Privva frees you from the endless data chase to focus on what really matters - driving your business forward. 

 

Schedule a time to talk about your vendor risk program.

 

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