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…

Flexible Resource

Our vCISO will work to meet your needs as and when they come, irrespective of complexity. Our service offers capabilities across all domains; from assistance in establishing goals, to implementing cyber protections, to ensuring compliance with regulations, we will be here to help. Whether it’s a short or long term project, we will be able to step in and drive the process for you, saving you the time and money it takes to hire your own internal team.

Skilled Staff

Our vCISO service utilises only the most highly experienced and accredited consultants to step in and act as your chief information security officer, and we will ensure that the individual we assign to your team is well equipped to manage your specific needs. Your vCISO will be further supported by our wider team of accredited analysts, meaning that you can be confident in our ability to enhance your security posture.

Specialist Support

Our consultants have gained a rich wealth of experience working as vCISOs for a wide range of organisations across a huge variety of industries. This means that they are highly attuned to the different challenges and obstacles which are currently facing businesses like yours. Accordingly, you can be confident in their ability to deliver successful and informed solutions for your organisation.

Cost Effective

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

Tailored Solutions

Our services are fully adapted to the needs of each client. Each business boasts an entirely unique portfolio of vulnerabilities and assets that need managing, which means it is crucial for our experts to create security roadmaps which are specifically tailored to regulate these. We will assign a dedicated vCISO to your business, which will ensure that the individual you work alongside has a comprehensive understanding of your business and how to best protect it.