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What is a Vendor Risk Assessment | Centraleyes

Learn more: https://www.centraleyes.com/glossary/... Any company benefits greatly from working with third-party suppliers, but any business relationship comes with some degree of risk. Vendor assessment is the process a company undergoes when monitoring and managing the list of its active suppliers and checking their risk level by looking at their information security postures, especially with regards to the handling of sensitive consumer data. Cybersecurity breaches impacting a third-party might leak your own corporate data putting your relationship at risk. Whether you’re onboarding a brand new supplier or continuing your interactions with a current one, performing a vendor risk assessment regularly is important for ensuring long-term security and risk mitigation. There’s no one type of assessment. A business might even use different assessments for different types of suppliers. However, almost all assessments focus on particular types of risks, the most common of which are: Compliance: Legal risks carry with them the threat of government sanctions and fines. Cybersecurity: Data breaches, malware attacks, and other IT-related risks can expose your sensitive data. Monetary: You might experience issues with the transactions themselves, such as fluctuating foreign exchange rates or fraudulent billing. Operational: Supply chain issues or disruptions in shipments can cause problems on your end. Companies in the past were satisfied with merely sending out a vendor assessment questionnaire to each supplier. But as the risk landscape changed and businesses became more wary of the dangers of vendor risk, assessments have evolved and today’s vendor management requires more due diligence than ever before. Here are a few best practices to keep in mind: Know What You Expect: If your assessment involves a questionnaire, think about what answers would be ideal. Risk management is a lot more complicated than just “good” or “bad.” If there’s a discrepancy with the actual response, consider how you should identify the risk and whether you want a follow-up from the vendor. Survey the Nature of a Vendor’s Risk First: To make your risk assessment more focused and efficient, don’t waste time looking at aspects that just don’t apply to that specific supplier. A critical vendor will naturally call for a more in-depth analysis, and a supplier that does not require access to your sensitive corporate data will not need a thorough Information Security assessment. Provide Suggestions on How To Improve: Not every supplier will have a perfectly clean record. That’s fine. However, it’s important to define your risk appetite- how much risk you are willing and able to absorb. It is important to address the risks as they are detected and come up with suggestions on how to remediate them. Don’t Just Rely on a Supplier’s Responses: While helpful, regular assessment questionnaires can’t be your only defense against vendor risk. These procedures rely on the accuracy of the supplier’s own self-reporting, and they only tell you the security posture right when the assessment is made. You need to apply your own real-time data collection and analysis to your vendors for best results. Only then can you ensure compliance continuously. So how do you achieve real-time monitoring of all your suppliers at once? Vendor assessment tools and services are available on the market for this purpose. Compared to organizing everything on spreadsheets, risk management platforms are far more scalable and automated and can cover all the tasks you need to ensure proper compliance among your vendors: distributing questionnaires, identifying risks, and developing remediation strategies. Visit us at: https://www.centraleyes.com/ Learn more: https://www.centraleyes.com/glossary/... #vendorassessment #riskmanagement #informationsecurity