Wherever an organization’s vendor risk management program is in its evolution, a key to success is to simplify and streamline the entire process through iterations that will make it sustainable. This paper presents 7 key Steps that incorporate cross-industry best practices to guide that process and equip your organization with a top-tier approach to managing third party risk.
Business dependence on the third party supply chain ecosystem has never been more complex. As client, market, and regulatory pressure relentlessly increases, the risks associated with widespread reliance on third parties compounds. Supply chain risk can come in many forms. Top of mind is cybersecurity, but the pillars of
risk extend much further. For instance, privacy has quickly become a critical issue. Business resiliency (business continuity and disaster recovery), financial, brand and reputational risks are also important vendor evaluation criteria.
Whether you have a handful of vendors or thousands in your portfolio, the process can be daunting and time consuming. There is a lot of data to track. Many organizations that have a formal vendor risk management (VRM) program in place find keeping up with requests for security reviews to be a constant challenge. Other growing organizations may be building a program from scratch and struggling with how to start. In either situation, Risk Management, IT and Security teams have a tendency to be understaffed. Executive management across various industries have reported that solid, properly trained resources are often difficult to acquire and retain, and the amount of work required continues to increase.
The following 7 Steps will help, whatever your program’s state of maturity. A successful initiative takes multiple people, so use your internal resources to assist. If you are not sure where to start, contact Privva. We are happy to have a brainstorming session or answer any questions you may have regarding vendor risk management best practices.
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