Achieve visibility and assurance of vendor performance and understand third-party risks to minimise the potential for business disruption
Improve decision-making on vendors using risk assessments and compliance evidence to gain maximum value from each third-party
Gain confidence that all relevant third-party information is accurate, up to date and managed consistently across the organisation
Vendor management is needed to manage the risk of vendors disrupting your organisation or having a negative impact on your business performance. Implementing a vendor risk management tool allows organisations to identify, assess, treat and monitor third party risks allowing organisations to recognise and address the third parties presenting the greatest risks. Organisations must ensure that third parties have the correct permissions to your internal systems and any personal data such as payment card information that you may hold, and comply with agreed policies and standards. Failure to do so can result in data breaches and substantial business repercussions.
The major challenge faced by organisations is ensuring that they have oversight of all their third parties, including their risks, threats, technologies and access. This can be achieved by:
- Appropriate contract management - providing a document repository which can be easily monitored and to be able to assess any relevant risks and controls linked to each contract
- Continuously monitoring vendor risks and assessing the effectiveness of any mitigating controls and periodically reviewing any risk exceptions
- Identifying any weak or missing controls, raising and tracking any remediating action plans
- Monitoring third party performance and ensuring third party information is correct and up to date
- Carrying out risk assessments against compliance requirements using the most relevant assessment scheme and using either a qualitative or quantitative approach to then prioritise risks.
Tools such as STREAM can achieve all of the above, providing a centralised solution to consistently monitor all third party risks.
- Configure a standard list of risks, key risk indicators, policies, standards, controls and key control indicators for each class of third party
- See whether the third-party risk is within appetite and accept or reject and update risk assessments on the basis or third-party performance and compliance
- View third-party compliance against contractual, legal and regulatory requirements
- Produce multiple reports showing history and trends by third party, grouping of third parties and across the entire supply chain
- Log incidents and near-misses involving suppliers and raise, allocate and monitor remedial actions
Contact us to discuss your requirements