Are you struggling to determine tracking metrics for your Vendor risk management (VRM) department? Vendor risk management metrics allow organizations to track departmental performance and align vendor risk initiatives with KPIs and KRIs. The large size of third-party ecosystems, constant changes among suppliers, and scale-related challenges make it hard to manage VRM. And when it […]

Is manually writing vendor risk assessment reports slowing down and over-complicating your Vendor Risk Management process? Once assessors complete an assessment, they write a report detailing any gaps or vulnerabilities for vendor remediation. While this is a crucial step during vendor assessments, creating these reports is time-consuming. In our experience, the time needed to create […]

Are you still using a singular vendor assessment questionnaire to qualify all your vendors? Security teams know that a singular questionnaire template won’t fit every vendor. However, a lot of organizations are using a one-questionnaire-fits-all approach. A well-designed vendor assessment questionnaire helps gather essential information about potential vendors, enabling you to decide whom to partner […]

Are you struggling to wrap your head around creating a vendor remediation plan? Managing a vendor remediation plan can sometimes feel like juggling a dozen balls at once for those involved in vendor risk assessments. With so many stakeholders in the mix, communication challenges, and the need for meticulous tracking, it’s easy to get overwhelmed. […]

Are you concerned about ensuring project security while outsourcing project work? You often share confidential information when partnering with a third party or vendor for a project. Suppose your organization works with several vendors and has many ongoing projects. In this case, it is more complicated for all stakeholders to determine which vendors work on […]

Vendor Risk Management is an interesting space. Everyone does it differently, there is no right or wrong and vendors exist in a wide range of services. When building or operating a Vendor Risk program, it at least means you have identified one thing: using third-party vendors comes with some level of risk to your business. […]

One of our clients is a prototype security team for a global electronics manufacturer. This team provides on-site facility compliance for branded products and handles supply chain vendors, destruction, and tracking of intellectual property like blueprints. The Challenge Initially, the prototype security team was coordinating all of their vendor risk management operations through email and […]

Every business has risks that are unique to its environment. Business risk can result from significant conditions, events, circumstances, or actions that could negatively affect a company’s ability to achieve its goals and objectives and implement its strategies. Regardless of the industry, the success of any business depends on how well they manage their risks. […]

Running a business comes with different types of potential risks. These risks can arise from malpractices, lack of efficiency in operations, cyber-attacks, exposed vulnerabilities in your firewall, failed internal control processes, loss of key people, external events, and more. Some of these can destroy a business, while others can cause severe damage to business operations […]