Traditionally, third party vendors have been regarded as merely suppliers of goods and services to a business, not actual business partners. Simply put, their problems weren’t your problems.
Today, globalization and strategic outsourcing have increased the importance of third party partners. At the same time increased regulation has is forcing companies to take a much more comprehensive review of vendors. Now mission critical suppliers can be anywhere in the world and this dramatically increases vendor related risk. The evolving regulatory environment also forces companies to assess and address their internal and external risks in an effort to maintain stability and protect customers. In this environment, vendors are an extension of your own company and should be managed similarly.
ProcessUnity & GRC Pundit Michael Rasmussen will be hosting a practical discussion about why vendor risk management matters in today’s business world as well as real-world examples of the challenges companies like yours are likely to face when implementing a vendor risk management program. In addition to these critical issues, we’ll also be taking a look at the 4 key components of vendor risk management programs that really work:
- Creating assessments that actually identify potential vendor risks
- Developing effective strategies for addressing higher risk vendors
- Aligning vendor control environments with your internal framework
- Implementing ongoing oversight utilizing metrics and external alerts