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:

1. The types of risks your vendors can pose
2. Key regulations and security standards with third-party risk management requirements you may need to comply with
3. The 5 essential steps for maintaining strong governance over your vendors
4. Common challenges throughout the vendor risk management lifecycle
5. How vendor risk management software supports effective governance over your vendors and makes the risk assessment, remediation, and compliance processes more efficient