As more and more of the applications your business uses have moved to the cloud, managing and securing your environment have become more complex. And that’s not just because you have less control over those applications, it’s also because the number of vendors a typical business works with to run its day-to-day operations has increased significantly as well.
A typical technology company works with 133 vendors on average, but it’s not uncommon for other industries like healthcare, manufacturing, and financial services businesses to work with nearly 100 vendors. Keeping track of that many vendors and managing their assessment and reassessment can prove to be difficult if you’re tracking everything in spreadsheets and corresponding over email.
Much of the stress that comes from managing vendor security assessments can be alleviated by implementing a centralized vendor database that gives you a view into all the vendors you’re working with. A national insurance provider explains it this way, “You can’t manage third-party risk, if you can’t track your third parties.”
A good centralized vendor management database will let you see the status of each assessment, store all of your vendor certifications, and even integrate with your procurement systems to kick off new assessments or reassessments—all from one place. Incorporating automations in the vendor assessment process enables your team to be more focused on actually securing your environment. And isn’t that the goal of every vendor security program?
Read The Ultimate Guide to Vendor Risk Management
The current processes for managing and assessing vendor risk and security are manual and outdated—but it doesn’t have to be that way. We go over best practices to modernize your vendor risk assessment program to take it to the next level.
Focus on what matters
Centralizing the security posture of all your vendors, also provides your InfoSec and third-party risk teams with a better understanding of your overall risk and helps prioritize which vendors need additional follow up to give you peace of mind before engaging with them.
This was especially true for Marlette Funding, a market leader in online lending. Having a single source of truth for their vendor assessments gave them insights into which vendors were high risk and required a more thorough vetting process and which vendors had lower inherent risk and didn’t require on-site follow-up.
Being able to distinguish between high and low risk vendors is important for Marlette Funding because there are significant costs associated with going on-premise to evaluate vendors. Being able to eliminate unnecessary visits results in a cost savings of 20-40% on follow-up activities for the business, while helping them feel more confident about their overall security.
Streamline vendor evaluations with Whistic
Whistic centralizes the management of vendor assessments for both buyers and sellers. Now, buyers can see the status of all of their vendor assessments and what the inherent and residual risk is for each of them in one place instead of keeping track of a myriad of spreadsheets. Additionally, if they utilize the Whistic Trust Catalog businesses can conduct zero-touch assessments of vendors, reducing the assessment time from weeks to minutes.
While Whistic Profile enables sellers to reuse the work they’ve done completing assessments in the past, helping them to respond more quickly to requests that come from customers and enables them to take a more proactive approach to vendor security.