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10 Ways to Better Manage Vendor Risk

Vendor management system

10 Ways to Better Manage Vendor Risk

Third-party vendors can provide tremendous value to organizations, handling IT issues that those organizations may not have the expertise or manpower to take care of on their own. Becoming dependent on third-party vendors has its risks, and smart executives use vendor management software and other risk management techniques to mitigate their exposure.

When your company or organization relies on third-party vendors for IT services, it will likely turn over sensitive information or the means to access this information to the vendors. Your organization will also become dependent on those vendors for regular and reliable service. Organizations can reduce any risk from trusting third-party vendors by:

  • Having sound policies and due diligence processes in place regulating all vendor-related matters.
  • Collaborating with your vendors to develop information governance policies. Their input is essential.
  • Assessing the risks posed by shared infrastructure between your company and the vendor.
  • Training your staff in proper security practices and insisting that your vendors also engage in regular training.
  • Training your staff in anti-bribery practices and insisting that your third parties (such as channel partners & consultants) go through stringent anti-bribery & compliance due diligence process as well as engage in regular anti-bribery & compliance trainings.
  • Using vendor management systems to actively monitor and regularly auditing your vendor’s performance and security.
  • Purchasing cyber-insurance. Make sure the policy has protections related to third-party vendors.
  • Making sure your company has strong incident detection and response systems and policies in place.
  • Testing your cyber-security on a regular basis.
  • Working with vendors to find and address gaps in security.
  • Investing in risk management. The costs of a breach are too high to avoid this vital business practice.

Aruvio has decades of experience in providing GRC and information security solutions. Thanks to its partnership with UCF, Aruvio provides ready-made compliance templates and risk assessment questionnaires that greatly facilitate the management of Vendor risk.   With its GRC applications that are built on Salesforce platform, Aruvio can help companies instantly and with limited resource maximize benefits offered by their governance, risk management, and compliance management operations.

The software allows clients to create controls and policies for vendors and automate various compliance checks and activities. With Aruvio’s software, clients can also better administer vendor training and attestation for new policies. Aruvio provides the tools clients dealing with multiple vendors need to ensure across-the-board compliance.

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