Vendor risk management:
Securing your ecosystem
Today’s interconnected world requires organizations to make
sure that vendors do not become the weak link in their security chain.
What does ‘good’ look like?
A good vendor risk-management program cuts down on security threats posed to companies and vendors alike, enabling resilience among the partners. As the alliances evolve, the program reacts to changing dependencies, vulnerabilities and risks.
- Vendors are onboarded efficiently, and contracts readily managed.
- Risks posed by vendors are kept tolerable and proportional to value added.
- Management resources are directed at vendors posing high and intolerable risks.
- Risk changes due to business actions (e.g., wider service scopes) are highlighted.
- Companies and their vendors can more readily collaborate to manage their respective risks.
Vendor risk management
Supply chain management is essential to protecting your business. However, gaining visibility into supply chain risks is challenging because the members of the chain often rely on self-assessments to demonstrate that they’re adhering to standards or policies. With heightened regulatory pressure, this approach is insufficient and risky. STREAM’s Vendor and Supply Chain Risk Management application leverages real-time operational risk and compliance data, allowing you to prioritize vendor management activities based on risk.
Processes and features
Vendor risk management is an ongoing process, not a one-time activity. Here are some of the steps involved in managing vendor risk using STREAM.
Integrate vendor information
Send STREAM’s user-friendly webforms to your vendors to integrate their security information, assessing their policies, practices and data-protecting tools and measures.
STREAM lets you readily prioritize vendor risks so Tier 1 vendors are addressed first, before moving down to lower Tiers.
Consult our catalog
STREAM supports a standard list of risks, key risk indicators, policies, standards, controls and key control indicators for each class of vendor, allowing you to fine tune your processes accordingly.
Compile a repository
STREAM helps you build a centralized repository of risk and compliance data for all your vendors, one that can be easily monitored, updated, analysed and reported.
Monitor ongoing vendor risks
Keep on top of vendor risk and compliance status, with periodic review of exceptions.
Construct a workflow
Our configurable workflow for vendor management lets you quickly and easily adjust your processes for your risk-management workflows, so you can stay flexible as conditions change.
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