Your Quick-Start Guide to Understanding Vendor Risk Management

January 04, 2021

Information security and data privacy have become a top priority for many organizations and industries over the past few years. As fast as new information protection solutions are released, malicious software and threats are also innovating at a similar pace. While InfoSec relied on reactive answers to attacks in past years, modern advancements in vendor risk management have made proactive vendor security a possibility.  

Here is a quick primer on vendor risk management and why it’s more important than ever as we head into 2021:

 
A streamlined approach to vendor risk assessments and questionnaires.

Like most InfoSec professionals, you probably use anywhere between five and a dozen different vendor assessments and questionnaires to manage security protocols and ensure vendors are onboarded correctly. A strong vendor risk management strategy means accessing and editing these different questionnaires in a single location, sharing these assessments with the right people, and updating documents as needed.

 

Replacing manual processes with automation.

Your team is already relying heavily on technology and digital platforms to keep your security protocols in place, so why not make sure this technology also helps streamline your internal processes? By putting a holistic vendor risk management strategy in place, your team can replace endless vendor emails and manual data gathering through spreadsheets with clean, modern assessments and workflows.

 

Build and establish trust with your customers and industry.

In today’s risk management world, all it takes is a single threat, hack, or potential gap in protocol to cause massive reputation problems for a company and a security team. Customers and vendors are looking to align themselves with organizations that are serious about and dedicated to vendor risk management. Having a visible strategy accessible by potential customers can help establish this reputation in your industry.

 

An accessible solution to make security a company priority.

Vendor risk management—and information security—is no longer relegated to security teams. It is now the responsibility of an entire organization to focus on maximizing security and closing any gaps in data sharing processes. Setting up a vendor risk management process that allows your entire organization to access materials and educate themselves on regulations can help ensure security becomes and remains a top company priority. 

 

A complete, transparent picture of your security posture.

Modern vendor risk management is all about transparency and truth. By building a security profile with all of your security information—including updated assessments, resources, notes, and other documentation—your team can set up a clear picture of your security requirements and posture. This way, all vendors, clients, and partners will know exactly what they need to do to work with your organization.

 

Want to learn more?

Vendor security and risk management are constantly changing and expanding as new tools, assessments, and protocols become available. The Whistic team is dedicated to providing the insights, resources, and answers you need to navigate this changing space. You can learn more and start a conversation here.

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Whistic
Whistic

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

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