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