5 Essential Steps To Creating an Effective Third-Party Risk Management Program
More and more companies today are engaging vendors and third-parties to fulfill critical business functions. According to a survey from Deloitte, 70% of businesses rate their dependence on outside vendors as moderate to high. Many vendors now have access to sensitive customer data while performing their jobs, and vendor-caused risk incidents have become incredibly common.
Make sure your vendors aren’t leaving your company in a vulnerable spot. In this ebook, we’ll walk you through the nuts and bolts of how to build an effective vendor risk management program.
Key topics covered include:
- The types of risks your vendors can pose
- Key regulations and security standards with third-party risk management requirements you may need to comply with
- The 5 essential steps for maintaining strong governance over your vendors
- Common challenges throughout the vendor risk management lifecycle
- How vendor risk management software supports effective governance over your vendors and makes the risk assessment, remediation, and compliance processes more efficient