Vendor Risk Management
Organizations can have hundreds of vendors providing a myriad of different services for a multitude of different business units. Often, vendors introduce new risks into an enterprise, and companies can unknowingly assume more risk than they are comfortable with. With each vendor having their own criticality level, risk ratings, service level agreement (SLA) objectives, regulatory impacts, and numerous interactions across the organization, managing risk exposure can be daunting.
Managing your vendors can provide greater transparency into the risk your organization is exposed to, your critical concerns and how to ensure your vendors are aligned with your strategic and enterprise goals. Overall this is a great primer on vendor risk management issues which necessitates the need for a framework to build out your library of vendors, track and update key information and prioritize those that are most critical.
CyberShelter’s Vendor Risk Management (VRM) service allows organizations to securely expand their extended network of third-party vendors and save time and effort in the process. CyberShelter outlines the rough details of the VRM program based on your business needs, creates a general vendor profile of the organization, identifies owners of the VRM process, and develops a risk baseline. You will be able to scale to manage hundreds to hundreds of thousands of vendors, monitor workflow and progress, consolidate your risk data, adapt your reporting to get a true picture of your vendor risk profile. Using our service, you can accurately classify vendor assessment requirements, prioritize the remediation of high-priority risks, and report vendor risk and compliance results across lines of business.
Some key benefits include the ability to:
- Gain an in-depth view of risks across global vendors, including fourth parties and proactively identify emerging issues.
- Manage exceptions, exemptions, risk acceptance requests, compensating controls, and remediation plans in response to assessment findings.
- Adhere to and apply industry best-practices.
- Mitigate vendor risks in a timely manner through a streamlined, standardized, and collaborative approach.
- Consolidate risk data by department and vendor type.
- Enhance collaboration and coordination with vendors on risk collective actions.
Let CyberShelter provide your enterprise with a centralized view into vendor profiles that integrate information from across any number of sources. Whether starting from scratch or improving an existing VRM program, CyberShelter’s experts can make sure your vendors are exposing you to as little risk as possible.