Managing Vendor Risk
MANAGING YOUR THIRD PARTY VENDOR RISK
Vendor Risk Management
If you have a safe environment, but your vendors don’t, you are at risk. You need to prove that you’ve evaluated your vendors in very specific data security areas. Most companies don’t have a comprehensive list of their third parties, so the first step is to know who your vendors are: Here are
3 ways to determine who your vendors are. You may be wondering if you have to assess ALL your vendors. You need to be efficient with your resources and put a system into place. What is the best way to
prioritize your vendors?
Spreadsheets aren’t going to cut it anymore because they are difficult to scale and regulations are increasingly complex. Sending a questionnaire is the easiest and least expensive way to validate vendor security adherence. Which questionnaires
are the right ones for your vendors?
You need a documented process for vendor evaluation and reporting so that if your vendor has a data breach, you can prove you did your due diligence. Shaw can help you establish or improve an existing process, implement an automated system that reliably tracks and documents the results, and even provide risk analyst personnel to staff the process.
Additional Vendor Management Resources:
Data Security Advantage
Don’t have the resources or skills for vendor security questionnaires? SHAW employs consultant and developers with experience in automating information security and compliance processes. SHAW can help you establish an effective program for responding to Vendor Security and Privacy questionnaires and assess your third-party
suppliers.
