Vendor Risk Management. An Overview.

#cybersecurity #cybersecurity #thirdparty #tprm #riskmanagement
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A few years ago I made a decision to switch careers. From accounting to tech! Best career decision I have ever made. It didn’t come easy but the love I developed for the field made me press on. What I realized was that it was difficult because I had no direction. I spent a lot of time reading everything and confusing myself. A friend of mine (J) freely mentored me and pushed me to do more. This channel was created in honor of her. I wanted go reach as many people as possible in a very effective way.
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Vendor Risk Management (VRM) is the process of assessing, monitoring, and mitigating the potential risks associated with third-party vendors or service providers that an organization relies on. Here's an overview:
Identification of Vendors: Recognizing and cataloging all vendors, understanding their role and importance in business operations.
Risk Assessment: Evaluating potential risks associated with each vendor, considering factors like data security, financial stability, regulatory compliance, and operational resilience.
Due Diligence: Conducting thorough assessments before engaging with vendors, involving background checks, security evaluations, and compliance audits.
Contractual Agreements: Establishing clear and comprehensive contracts that outline expectations, responsibilities, and mechanisms for dispute resolution, including security and compliance requirements.
Continuous Monitoring: Regularly reviewing and updating the risk profile of vendors, especially in rapidly changing environments, to ensure ongoing compliance and performance.
Incident Response Planning: Developing plans to address potential issues or breaches involving vendors, specifying roles and responsibilities in case of a security incident.
Regulatory Compliance: Ensuring that vendors comply with relevant laws and regulations, which may vary based on the industry and geographic location.
Data Protection: Safeguarding sensitive data by implementing measures to secure information shared with and managed by vendors.
Performance Metrics: Establishing key performance indicators (KPIs) to measure vendor performance and adherence to agreed-upon standards.
Exit Strategies: Planning for the termination or replacement of vendors, including data migration strategies and ensuring minimal disruption to business operations.
Effective vendor risk management is crucial for organizations to protect their assets, maintain regulatory compliance, and safeguard their reputation. It's an integral part of overall risk management strategies.

[@vempath458]

Thanks for sharing 🤩

[@simplydel2433]

Thank you for sharing this video.

[@worklifecyber]

Thanks for watching!

[@lydiaoppong4029]

Wow thank you for this video

[@maryarmah4336]

Finally!!! You’ve been missed!!! Thanks for this video!!!

[@harshitakathuria2336]

Hey! Could you advise certificates or courses one shall complete while working into VRM or TPRM profile at work?
I have already completed ISO 27001 course. Since you're a pro at what you do, kindly provide your suggestions. Thanks! 🌼🥹