Many organizations experience significant monetary losses as a result of insecure and ineffective vendor & supplier risk management practices. Sadly, very few of them are aware of this waste. Most common challenges with vendor and supplier risk management revolve around either lack of sound people-process-technology elements or lack of enforcement of the established vendor risk management procedures.
Effective vendor and supplier risk management requires continuous monitoring, cutting-edge vendor risk management technologies, proactive risk mitigation strategies, and end-to-end supplier risk management process and procedures. Cyber Electra helps line of business, legal, security and procurement teams establish
Cyber Electra provides the best people-process-technology elements of vendor and supplier risk assessment to help your organization:
- Develop supplier risk assessment governance artifacts including vendor supplier risk appetite and supplier security assessment policy and standards.
- Establish vendor & supplier risk assessment framework and procedures that satisfy internal and external security, privacy, and compliance requirements
- Implement integrated vendor and supplier database to register vendor and supplier details and risk ratings
- Install continuous vendor and supplier security risk assessments technology and perform continuous automated risk assessments
- Utilize continuous assessment results to segment vendor and suppliers into different risk buckets as per their risk ratings
- Establish communication and resolution protocols for security, privacy, and compliance related issues
- Implement procedures for addressing issues identified during vendor risk assessments
- Build procedures for terminating vendor and provider relationships as per the risk analysis
- Obtain confidentiality commitments from vendors and providers