More so than at any other time, our world is changing. As a result organizations – and their vendors – need to be able to adapt their plans to accommodate risk on an unprecedented level.
It is increasingly likely that one of your vendors, or their n-party support vendors, will cause an incident. Organizations must protect themselves by creating better mechanisms to hold their n-party vendors accountable and validate that they comply.
Identifying and managing a vendor’s potential risk impact on your organization requires multiple people in the organization across several functions. Those people all need coaching on the potential changes in the market and how these changes may affect your organization.
Organizational leadership is often taken unaware by changes, and their plans lack the flexibility to adjust to significant regulatory upheavals.
Vendor management practices educate organizations on the different potential risks from vendors in your market and suggest creative and alternative ways to avoid and help manage them.
Prioritize and classify your vendors with quantifiable, standardized rankings.
Prioritize focus on your high-risk vendors.
Standardize your processes for identifying and monitoring vendor risks with our Comprehensive Risk Impact Tool to manage potential impacts.