The Importance Of Vendor Risk Management
A strong organization is only as strong as its network. When scaling an organization, strong vendors need to be present to allow for certain services to come together and affect your target audience. Very rarely can organizations become self-sustaining with the exceptions of Amazon and Apple, which still have a handful of vendors that are essential to their processes. With the importance of vendors in mind, it should not be a foreign concept to practice third-party risk management and vendor risk management. If it is important to minimize risk within your own organization, it is equally as important to minimize risk with any vendors that interact with core business processes. What Is Vendor Risk Management? The concept of vendor risk management is to manage and monitor risks that originate with third-party suppliers, vendors, and providers. Vendor risk management deals with the same risks that a core internal risk management team would handle from within the organization. Cybersecurit...