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Efficient IT vendor risk management

According to Gartner, vendor risk management (VRM) is the process of ensuring that the use of service providers and IT suppliers does not create an unacceptable potential for business disruption or a negative impact on business performance. VRM technology

support enterprises that must assess,

monitor and manage their risk exposure from

third-party suppliers (TPSs) that provide IT products and services, or that have access to enterprise information.

To optimize business operations, organizations depend on a range of IT vendors, including cloud service providers, data analysts, and payment processors. These vendors or third-party suppliers, often have access to sensitive business insights and customer data, including personally identifiable Information (PII), protected health information (PHI), and cardholder data (CHD). Therefore, a data breach or other such adverse incident at a vendor firm can have catastrophic consequences.

Overall, IT vendor risks can result either from the vendor’s internal environment (e.g. security infrastructure, financial viability) or external environment (e.g. fourth parties, local and global compliance requirements). To keep these risks in check, various regulations like HIPAA, or standards such as ISO27001, require that organizations have well-defined vendor management programs.

With the complexity, scale, and scope of IT vendor relationships increasing, organizations need to have efficient vendor monitoring and assessment mechanisms. IT vendor risks should be identified early on, and then evaluated and mitigated proactively to minimize business disruptions, as well as to optimize performance. To meet these requirements, many organizations are adopting robust vendor risk management solutions.

To learn more about how to efficiently manage IT vendor risks please contact yperochí at This email address is being protected from spambots. You need JavaScript enabled to view it..

Read 1173 times Last modified on Monday, 18 November 2019 05:59

Published in Efficient IT vendor risk management

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