GAIN GREATER VISIBILITY INTO HOW THIRD-PARTY RISK SHOULD BE ADDRESSED IN VENDOR AGREEMENTS.
Does your organization have a firm grasp on how each vendor’s risk and access is determined? Our team can help develop or mature your organization’s third-party risk management program.
We understand that vendors become essential, valued partners. During the Vendor Risk Management Program Development, we provide the appropriate amount of risk management while supporting the business relationships that have formed by not making the reviews any more cumbersome than necessary.
We will help your organization develop a program to determine the risk of a third-party service, how access is granted, and what data is shared. Based your organization’s specific vendor portfolio, we provide recommendations for how third-party risk should be addressed in vendor agreements and which types of vendor assessments should be performed based on the risk of the service/access. Beyond recommendations, we provide internal reporting direction and dashboards to clearly communicate vendor risk.
Because vendor relationships are ongoing and never static, we set milestones and determine the frequency of ongoing assessments for continual monitoring. We also understand that not all relationships are the same and craft exception processes for vendors who pose elevated risk but provide a vital service. Finally, for vendors who are no longer providing services to your organization, we develop an offboarding process to prevent future access of systems and data.