Responsible Security and Responsible Disclosure: Why a VDP Matters
No organization has perfect security, so a VDP serves as one layer of many in a mature vulnerability management program. Learn about what a VDP…
At our recent webinar with ITGRCFORUM we discussed practical steps to scale your vendor risk management program. Over 500 attendees joined the webinar and learned 5 practical steps they could implement to scale their third-party vendor risk management programs, which address the most common vendor risks and problems.
At our recent webinar with ITGRCFORUM we discussed The practical steps to scale your vendor risk management program. The group of panelists: Todd Boehler, Scott Schneider, Jake Olcott, and LogicGate’s Matt Kunkle are all experts in the GRC industry and have a clear understanding of the most pressing needs organizations have related to vendor risk management.
Over 500 attendees joined the webinar and learned 5 practical steps they could implement to scale their third-party vendor risk management programs, which address the most common vendor risks and problems.
Executives and boards are focused on top of the line metrics, and often a VRM program does not increase revenue, so it can be difficult to demonstrate the need for a VRM program. In order to showcase the value of a VRM program to your board and executives consider these four things:
Scaling a program means you have visibility into the vendor or supplier ecosystem when you need it, how need it, and in the most cost efficient way. Of those attending the webinar, 43% state that a lack of human resources is their biggest obstacle to scaling their VRM program.
While questionnaires and surveys have their place in a VRM program, it is difficult to scale using that approach alone. Utilize tools that can automate data collection, retention, and analysis helps to scale your VRM program that meets your organization’s needs. A truly scalable system will be adaptable as your organization adds new vendors or suppliers.
Current standard assessments utilize spreadsheets and email to track and monitor third party vendor risk. In fact, 38% of the webinar attendees have a manual process for third-party risk management and 16% had no program in place at all. Static spreadsheets leave the organization frustrated with ample data that can’t be analyzed or put into policy and procedure, and the third party frustrated due to wasted time answering hundreds of forms from various organizations. When organizations move to a global risk exchange and dynamic assessments they save time, lower costs, reduce the burden on third parties, and allow the organization to truly manage risk.
Utilizing technology to perform third-party risk assessments allows the organization to closely monitor third-party risk without being a burden on the vendor.
VRM is not a one size fits all program. Therefore, your organization should not cover all third-party organizations at the same level. Some tips for rationalizing your due diligence:
Ensure that your vendors are contractually required to report breaches to your organization as soon as possible. Maintain documentation of all vendor’s plans and preparedness of breaches and breach management components. It’s critical you know your legal requirements if your vendor has a breach. Often it’s the organization that is responsible for the breach, not the third party vendor.
Once the framework is in place, then evaluate how you operationalize that program.
Many organizations are coming from large VRM platforms that are difficult to implement and use. Before purchasing a VRM platform, look for these criteria:
LogicGate’s Third Party Risk Management solution is tailored to your organization’s needs. It allows you to create custom scoring rules for your vendors, build custom assessment forms, and customizes workflows to match your approval processes that integrates with your current procurement, contracting, and accounts payable processes. With a single source of truth, your organization will increase risk visibility and easily track mitigation and remediation activities with all your third party vendors.
The risk and compliance industry is seeing changes in the demands of the market and regulations. Regulators are no longer satisfied with simple spreadsheets and emails as a form of tracking and mitigating third party vendor risk. Utilizing LogicGate’s Third Party Risk Management solution will help your organization create a culture of risk and compliance that will scale your automated VRM program and increase risk awareness.
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