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.