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Taking the Pain Out of Vendor Risk Assessments

Posted on July 15th, 2021

Supply chains are an essential part of today’s on-demand economy. However, they also expand your ecosystem, increasing the threat surface that you need to secure. While compliance assessments document vendor controls and enable you to manage third-party risk, responding to and completing them takes time. These delays can make your procurement team feel like you’re trying to disqualify their vendor. With SecurityScorecard Atlas, you can streamline the compliance validation documentation and verification process making it easier for everyone involved.

Start with “why?”

Some people in your organization might see this as an obstacle to the business, assuming that you’re trying to “veto” procurement’s vendor. However, this process supports procurement and business units by giving them the metrics necessary to verify the cybersecurity posture of their preferred vendors.

In the end, this minimizes risk across your digital ecosystem and enables procurement to manage third-party risk better.

Don’t reinvent the wheel

Vendor questionnaires take a long time to complete because compliance data is often stored in various locations. If you’re the vendor, you’re sending the same compliance information to every customer. Even worse, the vendor risk manager (VRM) needs to collect this information from every vendor, leading to repetitive processes and data.

All of this documentation and work only provides “point-in-time” validation. Cybersecurity threats continue to evolve and shift, so you need to continuously monitor your ecosystem to mitigate risk. Doing this manually is too time-consuming, and it’s often difficult for VRMs to collaborate effectively with vendors this way.

Accelerate and automate exchanges

With a single repository containing all reports, VRM data, and security documents, you can create a single source of trust for all compliance assessment information. This makes the whole process faster and less painful by giving your vendors and VRM a way to collaborate easily.

SecurityScorecard delivers this open exchange of information through our Evidence Locker. This feature, shared between Atlas and Ratings, reduces the time vendors spend on the assessment process. To address new questionnaires, they can upload and share evidence they already have to address new questionnaires.

Meanwhile, VRMs can use our Ratings platform’s compliance tab to access the shared data. Additionally, the platform’s compliance badges give them an at-a-glance 360-degree view of a vendor’s security posture with instant validation by their Scorecard.

Badges of (compliance) honor

For a vendor, the compliance badges are a visible indicator showing how seriously they take cybersecurity. When potential buyers do their due diligence, the badges on the Scorecard gives quick visibility into and validation over the company’s current compliance posture.

Evidence Locker includes 11 popular compliance badges - including NIST, PCI, ISO, SIG, and AICPA SOC1 and SOC2.

Sharing is caring

Third-party risk management is an essential part of ensuring a more secure digital ecosystem. By making the exchange of security data easier for vendors and customers, we’re all making the world a safer place.

By using our Evidence Locker, you get the benefit of easier collaboration through a single platform for security/compliance documents and save time in the process. In fact, the recently published Forrester Consulting Total Economic Impact (TEI) of SecurityScorecard reported an 83% reduction in vendor questionnaire preparation time and effort.

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