Vendor Risk Management Success: What You Need to Know When Building Your VRM Program
Vendor risk management (VRM) is a risk management discipline that focuses on pinpointing and mitigating risks associated with vendors. VRM gives companies visibility into the vendors they work with, how they work with them, and which vendors have implemented sufficient security controls. As a discipline, VRM is rapidly evolving and a holistic understanding of the discipline is necessary for VRM success.
As a discipline, VRM is rapidly evolving. Each day, companies experience new security, privacy, compliance, and business continuity challenges related to their vendors. With the shift to work from home, digital transformation is rapidly increasing reliance on vendors (mainly cloud providers) making VRM a permanent, board-level concern. Objectives of a vendor risk management program vary significantly based on company size, jurisdiction, applicable laws, industry, and more. That said, there are many VRM best practices that apply to every business.
Download our vendor risk management guide to learn:
- What is the difference between a vendor, third party, supplier, and service provider?
- Why is vendor risk management important?
- How do companies manage vendor risk?
- How do you implement a vendor risk management program?
- What is the vendor risk management lifecycle?
- What are risk exchanges and how can they help me with my vendor risk assessments?
- What are the benefits of vendor risk management software?