Vendor Risk Management Companies: Assessing the Vendor Risk Landscape
One bad interaction. That’s all it takes to inflict lasting damage to your organization. If you work with one or more vendors (as most enterprises do), you need to work with a vendor risk management company that can help you put a strategy in place that protects your customers, employees, and bottom line. ComplyScore’s vendor risk management is designed to manage and mitigate the risks associated with third-party products and services.
As businesses expand their use of outsourcing, third-party vendor risk management becomes an increasingly important part of any risk management framework. That’s because third-party vendors pose strategic, financial, reputational, compliance, legal, cyber, and operational risks that can cause business uncertainties and legal liabilities.
It’s always in an organization’s best interest to protect itself from vendor risks. But without an evidence-based way to collect and analyze a vendor’s overall risk, you’ll find it difficult to consistently measure and evaluate the risks of your strategic vendors.
You already know that working with third-party vendors offers substantial value. But creating an effective vendor risk management framework is not a simple task. ComplyScore’s Managed Services removes the hassles of vendor assessments, bringing scale and speed to your risk management process.
We determine how your vendors or third-parties use your data so you can more quickly make insightful decisions, standardize your risk identity strategy, and hold vendors accountable.
We automate the entire vendor risk assessment, management, and monitoring life cycle.
We manage every aspect of the vendor risk assessment process through the creation of assessment questionnaires, communications with vendors, certification reviews, and reviews of vendor policies and procedures.
There’s no shortage of risks when it comes to third-party vendors. Fortunately, vendor risk management by ComplyScore ensures your organization is not exposed to unnecessary risks, negative publicity, or compliance issues. From developing a comprehensive strategy to identifying selection criteria and managing vendor relationships, our vendor risk management company works to improve vendor value while protecting your organization from serious potential harm. Contact us to know more.