In today’s modern world of vendor partnerships, many factors go into closing vendor partnership deals. Cybersecurity and risk operations management is not only one of those factors — it is foundational to the ongoing success and long-term value of a vendor relationship.
The new era of vendor risk management
Nearly every day, a new data breach story often states the cause as a third-party vendor partnership. All it takes is one gap in the system — one slip up in an organization only vaguely connected to yours — to put your private data, information, and corporate reputation at risk. For this reason, among many others, vendor risk and security have become one of the most critical elements of any vendor partnership.
To put the best foot forward with customers, partners, and vendors alike, high-performance InfoSec teams turn to vendor risk management (VRM) tools to take the guesswork out vendor security and help fill the gaps manual efforts can leave. In addition, VRM tools give security professionals the flexibility they need to work at an increased scale.
How VRM tools can drive vendor partnerships forward
Here are three key ways VRM tools can help ensure long-term, secure vendor relationships:
1. Streamline and expedite the new vendor process.
It can take a notoriously long time to move new vendors through the sales process, and one of the significant roadblocks here is, more often than not, the vendor risk assessment process. VRM tools make it easy for salespeople to move the process along where possible and then, where necessary, bring in the right InfoSec tools to seal the deal. Vendor risk management no longer needs to be the roadblock for moving sales forward.
2. Establish a culture and reputation of cybersecurity.
As the SaaS vendor landscape becomes increasingly competitive and crowded, having the reputation of a ‘secure vendor’ can make you stand out against peers. With VRM tools, SaaS organizations can easily replicate their vendor risk assessment process to move seamlessly from one vendor conversation to the next. As your vendor partners share ideas, your team can build a lasting reputation of security in your industry.
3. Grow and scale your security controls with your vendors.
Cybersecurity technology is constantly changing, and the tools InfoSec teams use to stay compliant and secure are growing. As your vendor security controls scale, VRM tools make it easy to keep on top of new regulations, gaps in compliance, and other areas where technological upgrades may have caught your team by surprise. VRM tools are a crucial way to ensure your vendor relationships are safe, secure, and compliant — no matter how long you’ve been working together.
Want to learn more?
As VRM tools are becoming more critical — nearly impossible, really — for SaaS organizations to establish lasting vendor partnerships, Whistic is leading the pack with an industry-leading vendor assessment and risk management platform. You can learn more here.