Why Third-Party Validation is Important in the Vendor Assessment Process

December 07, 2021

For many InfoSec teams, the vendor assessment process has become a repetitive, everyday occurrence. The same assessment questions are often reviewed multiple times a day, opening up room for manual error. While modern InfoSec resources can manage their internal vendor assessments and scoring as needed, introducing third-party validation into this process reduces the risk of manual error. It provides an additional layer of control on top of an existing vendor risk management workflow.

 

Bringing in third-party validation

So, what does third-party validation look like? For some teams, third-party validation could mean running your final assessment results through a validation solution to ensure security requirements match a vendor’s submitted assessment or questionnaire. For other teams, this could mean leveraging a third-party solution that is involved at every step of the vendor risk management process, not just the end.

In the first scenario, an InfoSec team would go through the requisite requirements gathering process with the prospective vendor to compile the necessary questionnaires, assessments, and documentation. Once the team has compared this data with their internal controls and requirements, the team would send out the results (and any corresponding documentation) to a third-party auditing company to review the results and ensure that the results look correct. While this method is effective, it adds an additional step to the already long vendor risk management process, leading to further delays in a potential deal sign-off.

In the latter scenario, your team’s security requirements and your vendor’s completed assessments are compiled and compared within this third-party software. The solution itself stores your team’s security controls and preferences. After reviewing the submitted vendor assessment, questionnaire, or documentation, it helps your team understand if the vendor partnership can proceed successfully. This scenario adds a layer of third-party validation across the entire process, leading to faster project completion.

 

Optimize your vendor risk management process

With Whistic, your team can add a layer of third-party validation without sacrificing security or compliance. The Whistic Profile allows your team to build a comprehensive collection of your security control data and seamlessly share with potential vendors or partners. When a new vendor assessment comes through to your team, simply uploading it to the Whistic solution can help identify gaps or areas that need attention.

Whistic makes it possible for modern InfoSec teams to be more efficient and effective in their day-to-day operations. Instead of repetitive processes and the constant reviewing of the same assessment answers repeatedly, your team can rely on the third-party validation of Whistic to deliver an extra level of security and confidence to your vendor risk management process. 

You can learn more about building a comprehensive vendor assessment strategy here.

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Whistic
Whistic

The latest insights and updates on information security and third party risk management.

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