Software

Gain a 360-degree view of third-party risk by using our SaaS software to centralize, track, automate, assess and report on your vendors. 

Managed Services

Let us handle the manual labor of third-party risk management by collaborating with our experts to reduce the workload and mature your program. 

Overview
Document Collection
Policy/Program Template/Consulting
Virtual Vendor Management Office
Vendor Site Audit


Ongoing Monitoring

Let us handle the manual labor of third-party risk management by collaborating with our experts.

VX LP Sequence USE FOR CORPORATE SITE-thumb
Venminder Exchange

As Venminder completes assessments for clients on new vendors, they are then made available inside the Venminder Exchange for you to preview scores and purchase as you need.

CREATE FREE ACCOUNT

Use Cases

Learn more on how customers are using Venminder to transform their third-party risk management programs. 

Industries

Venminder is used by organizations of all sizes in all industries to mitigate vendor risk and streamline processes

Why Venminder

We focus on the needs of our customers by working closely and creating a collaborative partnership

1.7.2020-what-is-a-third-party-risk-assessment-FEATURED
Sample Vendor Risk Assessments

Venminder experts complete 30,000 vendor risk assessments annually. Download samples to see how outsourcing to Venminder can reduce your workload.

DOWNLOAD SAMPLES

About

Venminder is an industry recognized leader of third-party risk management solutions. 

Our Customers

900 organizations use Venminder today to proactively manage and mitigate vendor risks.

Get Engaged

We provide lots of ways for you to stay up-to-date on the latest best practices and trends.

Gartner 2020
Venminder received high scores in the Gartner Critical Capabilities for IT Vendor Risk Management Tools 2021 Report

READ REPORT

Resources

Trends, best practices and insights to keep you current in your knowledge of third-party risk.

Webinars

Earn CPE credit and stay current on the latest best practices and trends in third-party risk management.  

See Upcoming Webinars

On-Demand Webinars

 

Community

Join a free community dedicated to third-party risk professionals where you can network with your peers. 

Weekly Newsletter

Receive the popular Third Party Thursday newsletter into your inbox every Thursday with the latest and greatest updates.

Subscribe

 

Venminder Samples

Download samples of Venminder's vendor risk assessments and see how we can help reduce the workload. 

resource-whitepaper-state-of-third-party-risk-management-2021-cropped
State of Third-Party Risk Management 2021

Venminder’s State of Third-Party Risk Management 2021 survey provides insight into how organizations are managing third-party risk management in today’s increasing regulatory and risky climate.

DOWNLOAD NOW

Managing IT Vendor Security Risk

2 min read
Featured Image

Through your vendor risk management program, you’re supposed to monitor your vendor’s information security and cybersecurity practices. As part of that, you need to manage the vendor’s information technology (IT) security risk.

What Is IT Vendor Security Risk?

IT security risk is the potential of failures or misuse of hardware or software which negatively affect your organization and its operations.

IT related security threats could involve some of the following:

  • Damage or destruction of your physical infrastructure (through natural disasters like fire, tornado and flood)
  • Non-natural disasters affecting your physical infrastructure (through errors like accidental cutting by machinery, drive failure or malicious or accidental removal of a storage device)
  • Disclosure of sensitive data to unauthorized parties (through human error, spam, viruses and malicious attacks)
  • Denial of service to your customers or employees (through a network failure or possibly through everything else we’ve mentioned so far)

So, IT vendor security risk is the chance of those above items happening to your vendor, which in turn, would affect you as if it were your systems being directly hit.

With that as a backdrop…

What Do You Do About IT Vendor Security Risk

With all the potential threats, it can be hard to know where to start figuring out if you’re covering yourself when it comes to IT vendor security risk.

Within your vendor risk management program, you determine what risk level is acceptable and then monitor your vendors to mitigate risk to that point of comfort. It’s impossible to completely eliminate all risk, but there are some best practices you can use to discern the risks that you need to focus on.

5 Best Practices in Managing IT Vendor Security Risk


  1. Conduct vendor risk assessments. You should already be doing overall risk assessments on your vendors to determine the amount of risk they give in all areas. IT specific issues can originate from non-IT sources, such as disgruntled employees or natural disasters. So, ensure your risk assessments involve checking into the vendor’s staff and physical location.
  2. Prioritize management of IT-related risks based on their potential impact to your business. Consider risks such as financial, reputational and more.
  3. Reduce your risk exposure. To do this, implement mitigating controls. Maybe you need to include IT requirements in your vendor contracts.
  4. Review your vendor’s business continuity and disaster recovery plans. These plans will tell you what they will do if a natural disaster or data breach occurs, so review and analyze those to be sure they're effective and the vendor will communicate with you should an unexpected disruption to business operations occur.
  5. Continuously monitor for emerging threats or changes. IT is constantly changing, so stay alert for new threats or changes to your IT environment that could introduce risk.

Once you have identified the risks facing your organization and their potential impact, you can begin to manage them by accepting, transferring, mitigating or avoiding the risk. Following the above best practices is a great way to begin protecting your IT infrastructure from your biggest threats.

One way to minimize the amount of IT risk a vendor poses to you is to start the relationship by asking them to fill out an information security questionnaire. Download our infographic now to learn how, when and why to use one.

Creating an Effective Vendor Contract Management System eBook

Subscribe to Venminder

Get expert insights straight to your inbox.

Ready to Get Started?

Schedule a personalized solution demonstration to see if Venminder is a fit for you.

Request a Demo