Vendor Risk Assessment

Today's business climate is complex. The cloud, Software-as-a-Service (SaaS), mobility, outsourcing and the ever-expanding ecosystem of third-party service providers has increased efficiencies, conveniences and profits for businesses globally. The same advancements, however, have introduced new cybersecurity risks and challenges to any organization working beyond their four walls.

Vendor Risk Management (VRM) has become a critical function for any business that utilizes third-parties for critical business functions.

Whether you are required to assess the risk of your third parties or you are buried in vendor risk questionnaires, Vendor Risk Management is the solution.

Working with vendors can expose an organization to cybersecurity risks, particularly if the vendor has access to sensitive data or systems. It's important for organizations to carefully evaluate potential vendors and implement measures to mitigate these risks. This can include conducting thorough background checks, requiring the vendor to implement appropriate security measures and practices, and regularly monitoring the vendor's compliance with these requirements. It can also be helpful to have a written agreement in place that outlines the vendor's responsibilities with respect to cybersecurity.

Vendor Risk Management (VRM) is a process for evaluating and mitigating the risks associated with working with vendors. It involves identifying the risks associated with each vendor, assessing the likelihood and impact of these risks, and implementing controls to mitigate or eliminate the risks. VRM can help organizations ensure that their vendors are compliant with relevant laws and regulations, as well as with the organization's own security policies and standards. By conducting regular VRM assessments, organizations can better understand the risks associated with their vendors and take steps to minimize or eliminate those risks. This can help protect the organization's assets, as well as its reputation and bottom line.

Securadin’s VRM has the following objectives:

Respond to vendor risk questionnaires
Enhanced third-party vendor contracts
Ensure compliance with regulatory requirements
Develop a prioritized, actionable plan for vendor risk mitigation
Identify third-party vendors and their associated cybersecurity risks
Initiate the VRM process to promote continuous evaluation of vendor risks

Our Vendor Risk Assessment is based on the following regulations and standards:

ISO/IEC 27001:2013
NIST Cybersecurity Framework
NIST SP 800-30 Risk Management Guide
NIST SP 800-37 Applying the Risk Management Framework
NIST SP 800-53 Security and Privacy Controls for Federal Information Systems