Third-party and vendor risk management Third-party and vendor risk management
in 7 simple steps.

Growing technological interconnection and increasing reliance on outsourcing means that significant business aspects now depend on outside providers. This leads to growing vendor-related risks which requires building an effective vendor risk management program (VRM).

The goal of VRM programs is to monitor, manage, and reduce risk exposure created by collaboration with third-party vendors and IT professionals. It involves addressing regulatory compliance, cybersecurity, vendor relationship management, and careful vendor risk assessment.

In this document we outline the seven essential steps in developing an efficient vendor risk management program based on established best practices:

1. Developing policies, procedures, and the program.
2. Creating a thorough vendor selection process.
3. Establishing contractual standards.
4. Keeping up with due diligence and ongoing monitoring.
5. Developing a robust internal audit process.
6. Adopting automated VRM solutions.
7. Improving the program over time.

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