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.