Posted on Nov 19, 2020
Managing third-party vendor risk is a never-ending process. Companies increasingly rely on outsourcing to gain access to niche skills needed for business operations. From manufacturing to financial services, organizations add vendors whose strengths supplement long- and short-term business goals. SecurityScorecard’s integration with Venminder enhances your third-party risk management (TPRM) program by building cybersecurity into your due diligence and monitoring processes.
Check out 3 ways you can use SecurityScorecard’s integration with Venminder:
Engaging in pre-contract due diligence requires visibility into all risks. From traditional credit reviews to cybersecurity posture, you need to know everything about your business partners.
SecurityScorecard’s platform integrates with Venminder’s Software-as-a-Solution (SaaS) platform so that you can perform regulatory required and best practice due diligence throughout the entire vendor lifecycle in a single location. The Venminder software features a vendor onboarding tool to evaluate prospective new vendors before adding them to your active vendor inventory. Now, you can natively incorporate SecurityScorecard’s A-F cybersecurity ratings into your Venminder account, ensuring that you document your IT risk management data into your reviews. The new integration increases efficiency in the vetting process by applying real-time cybersecurity monitoring into your approach to identify any risks from the start.
Organizations continuously engage in due diligence based on a vendor's inherent and residual risk. From a financial perspective, you review the current financial stability and credit reporting history. Increasingly, traditional risks like these now intertwine with your vendor’s cybersecurity posture. A vendor’s financial stability today can be undermined by a data breach tomorrow, meaning that you need to aggregate all risk information in a single location.
Venminder’s risk assessment tool offers the ability to measure risk from an inherent and residual standpoint. The residual risk assessment allows you to apply mitigating controls in an effort to bring down the risk based on the diligence work completed. With a vendor’s cybersecurity now a critical element of your risk analysis, SecurityScorecard provides visibility into the overall level of cyber risk any company poses to an organization and where potential issues may reside.
Third-party risk management is not a “set it and forget it” process. Proper ongoing monitoring is important throughout the vendor lifecycle. Organizations need to review metrics to ensure that their vendors will remain a going concern and also to verify that they have the appropriate controls in place to safeguard any data that they have access to. Especially in today’s economic environment, a vendor’s status can change in the blink of an eye.
For example, due to COVID-19, many organizations had to swiftly move to a remote work model, increasing their cybersecurity risk. SecurityScorecard’s security ratings platform continuously monitors cybersecurity controls, alerting you to new risks. SecurityScorecard’s platform integrates seamlessly into the Venminder platform so that you can view information security data alongside the other ongoing monitoring activities that are being performed on any vendor. If you see a new cybersecurity risk, you can take additional actions directly inside the Venminder platform, such as placing an order for Venminder’s team to review the vendor’s due diligence documentation.
SecurityScorecard’s security ratings platform provides at-a-glance visibility into an organization’s cybersecurity posture. The platform continuously monitors controls’ effectiveness across ten categories of risk factors so that you can gain real-time insight into your supply chain risks.
SecurityScorecard's integration with Venminder streamlines your vendor risk management processes by bringing all risk information into a single location. By consolidating all inherent and residual risk monitoring in a single location, you get a full view of the impact your vendors have on your organization’s financial and reputational stability throughout the relationship’s lifecycle.
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