Hi – my name is Josh with Venminder.
In this 90-second podcast, you’re going to learn 5 best practices of successful vendor risk assessments.
Every day our team of experts assist companies of all sizes and industries with vendor risk assessments.
So here are 5 best practices:
1. My first best practice is to group your vendors. Sorting vendors into different buckets such as core processors, cloud storage providers, marketing, etc. will help break it down. Create a vendor risk assessment for each vendor group with questions tailored to that market.
2. Second, every vendor should be given two risk ratings. First, you should determine their business impact risk meaning if they’re critical or non-critical to the organization. There are three questions you can ask yourself to determine if the vendor is critical to the organization. If you answer yes to any of these questions, then the vendor is critical:
Then you should determine their regulatory risk rating, which is typically a final rating of high, moderate or low risk that is configured based on answering questions related to strategic, operational, compliance risk, etc.3. My third best practice is to not forget to risk assess during vendor selection AND as part of your ongoing vendor monitoring.
There you have it. Five best practices to implement at your organization for successful vendor risk assessments.
Thanks for tuning in; catch you next time!