Vendor Risk Assessment: Identify & Track Vendor Risk

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Third Party Vendor Risk assessment services by ComplyScore

Vendor Risk Assessment: Identify & Track Vendor Risk

Do you know how third-party vendors are handling your data? ComplyScore’s vendor risk assessment software is tailored to your organization’s specific needs and quickly identifies, tracks, and measures all integral vendors to ensure the services they provide to your organization are secure.

The Importance of Third-Party Vendor Risk Assessment

Every business must minimize its risks from third-party suppliers. Supplier risk assessment services help you identify, evaluate, and control supply chain threats that pose significant risks, organizational uncertainty, and legal liability.

Why is supplier risk assessment such an important part of your risk management framework? Because no matter how reputable your vendors are, it is your organization’s responsibility to ensure sufficient quality factors, data security, and regulatory compliance, to name a few, are in place. Without them, you face costly mistakes that can negatively impact your business.

Vendor security risk assessment uses a variety of tools and techniques to protect supply chains from disruption while addressing risk management opportunities such as:

Identifying critical suppliers by category
Detecting vendor process deficiencies
Assessing vendor governance and oversight programs
Evaluating the effectiveness of risk management activities
Defining steps that remedy weaknesses

Best of all, risk assessment for vendor management helps you establish new risk management controls and policies that better address and improve your overall risk strategies.

ComplyScore: Your Vendor Risk Assessment Partner

A proactive approach to controlling supplier risk helps guard your organization against serious breaches, regulatory discrepancies, and business disruptions. ComplyScore’s analytics-based vendor risk management solution is designed to protect businesses from a wide range of security risks including poorly-constructed software processes and data theft enabled by inadequate security practices.

As the technological landscape continues to evolve and your business scales, it’s crucial to be prepared to meet ever-changing vendor risk demands. With each new third-party vendor added to your team, your exposure to risk increases.

By helping you identify vulnerabilities, expose risks, and put controls in place to manage those risks, vendor risk assessment from ComplyScore ensures you know where attacks may come from and how you can best handle them. Contact us today to learn more.

Benefits

Scale your program by leveraging ComplyScore expertise.
Reduce admin overhead while focusing on strategic areas of risk.
Reduce overall costs and vendor risk.

Managed service highlights

End to end services

Give us the list of vendors and we do the questionnaire distribution, collection, clarifications, submissions, document, certificates review, and give you the closeout report and vendor consent.

Maximum Vendor Coverage

Assess, manage and monitor high volume of medium risk tier 2 and low risk tier 3 vendors as well with scalability and within budgets.

Flexible questionnaire

We can use your questionnaire or ComplyScore’s proprietary questionnaires.

Targeted questionnaires

Send questionnaires that are targeted to the services being performed. Assess corporate level security controls and culture, location specific controls and the application level controls.

EXAMPLE

Using targeted questionnaires, assess AWS or Azure best practices. Reduce time and effort while improving the risk perspective

Third Party Vendor Risk Assessment by ComplyScore

Comprehensive scope and coverage to various industry standards and regulations

NIST or SIG questionnaire or a custom questionnaire
CFPB Compliance assessments
HIPAA CMS-FDR and Quality Assessment
PCI Compliance
Document and Certificate Verification e.g. Insurance, SSAE16

Quick Results

Vendors can upload SIG Questionnaires or SOC2 reports and we will map it back to the questionnaire. We send out the gap questionnaires only. This eliminates redundancy and improves turnaround times.