Vendor risk management requires people, process, and technology considerations. Without appropriate technologies in place, organizations will waste hundreds of thousands of dollars, poorly utilize talented resources and fail to achieve an effective level of vendor risk mitigation. When paired with SecurityScorecard, an organization’s collaborative and non-intrusive approaches to risk assessment can be extended to help validate vendors’ questionnaire responses and identify potential areas of concern.
In this paper, we review key areas to efficiently and effectively operationalize Vendor Risk Management by leveraging SecurityScorecard, including:
- What to include in your vendor contracts
- Vendor tiering
- How to efficiently manage third- and fourth- party risk
- Understanding changes in your vendors' security statuses