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Build a Vendor Security Assessment Service

Use a risk-based approach to right-size your vendor security assessments.

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Contributors

Two anonymous contributors

Your Challenge

  • Vendor security risk management is a growing concern for many organizations. Whether suppliers or business partners, we often trust them with our most sensitive data and processes.
  • More and more regulations require vendor security risk management, and regulator expectations in this area are growing.
  • However, traditional approaches to vendor security assessments are seen by business partners and vendors as too onerous and are unsustainable for information security departments.

Our Advice

Critical Insight

  • An efficient and effective assessment process can only be achieved when all stakeholders are participating.
  • Security assessments are time-consuming for both you and your vendors. Maximize the returns on your effort with a risk-based approach.
  • Effective vendor security risk management is an end-to-end process that includes assessment, risk mitigation, and periodic re-assessments.

Impact and Result

  • Develop an end-to-end security risk management process that includes assessments, risk treatment through contracts and monitoring, and periodic re-assessments.
  • Base your vendor assessments on the actual risks to your organization to ensure that your vendors are committed to the process and you have the internal resources to fully evaluate assessment results.
  • Understand your stakeholder needs and goals to foster support for vendor security risk management efforts.

Research & Tools

Start here – read the Executive Brief

Read our concise Executive Brief to find out why you should build a vendor security assessment service, review Info-Tech’s methodology, and understand the three ways we can support you in completing this project.

3. Deploy and monitor process

Implement the process and develop metrics to measure effectiveness.

Guided Implementations

This guided implementation is a six call advisory process.

Guided Implementation #1 - Define governance and process

Call #1 - Identify requirements and develop the policy.
Call #2 - Define the RACI matrix, process, and treatment matrix.

Guided Implementation #2 - Develop assessment methodology

Call #1 - Customize the Service Risk Assessment Questionnaire.
Call #2 - Develop vendor risk assessment methodology.

Guided Implementation #3 - Deploy and monitor process

Call #1 - Customize the Vendor Security Assessment Inventory and develop implementation strategy.
Call #2 - Develop metrics.

Onsite Workshop

Discuss This Workshop

Book Your Workshop

Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.

Module 1: Define Governance and Process

The Purpose

  • Understand business and compliance requirements.
  • Identify roles and responsibilities.
  • Define the process.

Key Benefits Achieved

  • Understanding of key goals for process outcomes.
  • Documented service that leverages existing processes.

Activities

Outputs

1.1

Review current processes and pain points.

1.2

Identify key stakeholders.

  • RACI Matrix
1.3

Define policy.

  • Vendor Security Policy
1.4

Develop process.

  • Defined process

Module 2: Define Methodology

The Purpose

  • Determine methodology for assessing procurement risk.
  • Develop procedures for performing vendor security assessments.

Key Benefits Achieved

  • Standardized, repeatable methodologies for supply chain security risk assessment.

Activities

Outputs

2.1

Identify organizational security risk tolerance.

  • Security risk tolerance statement
2.2

Develop risk treatment action plans.

  • Risk treatment matrix
2.3

Define schedule for re-assessments.

2.4

Develop methodology for assessing service risk.

  • Service Risk Questionnaire

Module 3: Continue Methodology

The Purpose

  • Develop procedures for performing vendor security assessments.
  • Establish vendor inventory.

Key Benefits Achieved

  • Standardized, repeatable methodologies for supply chain security risk assessment.

Activities

Outputs

3.1

Develop vendor security questionnaire.

  • Vendor security questionnaire
3.2

Define procedures for vendor security assessments.

3.3

Customize the vendor security inventory.

  • Vendor security inventory

Module 4: Deploy Process

The Purpose

  • Define risk treatment actions.
  • Deploy the process.
  • Monitor the process.

Key Benefits Achieved

  • Understanding of how to treat different risks according to the risk tolerance.
  • Defined implementation strategy.

Activities

Outputs

4.1

Define risk treatment action plans.

  • Vendor security requirements
4.2

Develop implementation strategy.

  • Understanding of required implementation plans
4.3

Identify process metrics.

  • Metrics inventory