Vendor Risk Management (VRM)

What is Vendor Risk Management?

Many organisations use third party vendors in order to reduce their business costs and enhance operational efficiency. Vendor Risk Management is the process of evaluating the risk posture of these partners. This risk evaluation occurs both before the relationship is settled, and during the course of the contract. Vendor risk management is important because outsourcing work often requires sharing confidential data and information with a third party. Therefore, employing a vendor that lacks robust security controls could expose an organisation to operational, regulatory, financial, and reputational risks. As such, vetting and monitoring your vendors’ security is crucial in order to safeguard your company’s data and assets.

How Vendor Risk Management Works

Mondas’ experienced and specialised consultants provide a huge range of VRM capabilities. They will evaluate your vendors to identify, manage and mitigate any risks they bring. To do so, they will undertake the following steps:

Pre-Contractual Assessment Mondas will conduct a comprehensive assessment of any potential third party vendors before you enter into a contract with them. This will ensure that you only partner with vendors fully understanding the risk they pose to your supply chain.

Risk Identification and Assessment Our team will monitor your vendors around the clock to ensure that any new vendor risks that arise will be identified, flagged, and assessed in real time. This will enable quick responses which minimise the impact of any security incidents.

Risk Mitigation and Remediation Depending on business preference, our analysts will either remediate the detected vulnerabilities for you, or direct your IT Team to redress these themselves. This will ensure that cybercriminals cannot exploit weaknesses in your supply chain as entry points.

Continuous Assessments Our service replaces the traditional method of completing lengthy questionnaires that assess an organisation’s risk. Instead, we use continuous automated assessments that can be run immediately and supplied within minutes.

Reports Our team will produce regular vendor risk management reports to ensure that you have complete visibility of the risks our analysts are identifying and protecting your business against, and the measures they are taking to do this.

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Key Benefits of Vendor Risk Management

A VRM solution will provide a range of benefits to your business:

Safeguard Employee and Client Data: – Checking your vendors will help to ensure that your sensitive data and assets are not left in a vulnerable position.

Compliance: – Vendor risk management will meet regulatory expectations, and satisfy any examiners and auditors of sound business practice.

Aligned Security Standards: – Establishing vendor guidelines will ensure that everyone adheres to the same security standards.

Informed Vendor Decisions: – Assessing potential vendors will ensure that you partner with vendors understanding the risk they pose to your supply chain.

Reduction of Risk: – Using a VRM solution will reduce your risk of supply chain attacks, and therefore protect you from operational, regulatory, financial, and reputational harm.

Automated Assessments: – Reduces the need of vendors to complete lengthy questionnaires and instead runs real-time assessments on demand.

Why You Should Choose Mondas…

Tailored Reports

Our team will provide you with tailored reports, so that you can easily assess your vendors’ security postures against the relevant benchmarks. This means that you will have complete visibility into the vendors you partner with, and the risk that they post to your supply chain.

Real Time Updates

Our analysts will monitor your vendors around the clock, so any new vendor risks will be identified and flagged in real time. This means that you will have the opportunity to proactively address and mitigate any vulnerabilities, regardless of the time.

Skilled Staff

VRM services require highly skilled cybersecurity experts. Our consultants have a deep understanding of the industry, and a wealth of experience in assessing third party risks. The combination of our expertise and deployment of market-leading technologies ensures that you can be confident in our ability to assess your third party risks.

Security Vetted

All of our analysts have been security vetted. This means that they have been subject to a thorough screening process and passed the relevant security checks before being cleared to handle your data. Accordingly, you can be confident that our team will pose no further risks to your business whilst delivering an outstanding level of service.

Cost Effective

Mondas is committed to providing advanced threat protection at price points that work for all businesses. This means we will tailor our VRM services to align with your budgetary constraints without compromising; we provide protection using expert analysts and leading technology in every engagement.