Vendor-Provided Resources

Vendor due diligence is one of the most vital activities within third-party risk management. It must be done before you sign the contract and as part of your re-assessment. This process of reviewing your vendors’ documents on a regular basis helps ensure these relationships are safe and sound.  It’s not always clear when and how often vendor due diligence should be done. By following these recommended guidelines for the frequency of due diligence, you can ensure your time and efforts are well spent.  

Download the infographic to learn: 

• What vendor due diligence is based on

• Frequency of vendor due diligence based on risk ratings 

• 3 situations that trigger additional vendor due diligence

One of the first activities in the third-party risk management lifecycle is completing an inherent risk assessment. This process identifies the different types and levels of inherent risk, which occur naturally within the vendor’s product or service. It also determines whether the vendor is critical to your operations.  This process must be thorough to generate an accurate risk rating, which ultimately impacts many third-party risk management activities, like due diligence and contracting.  

Download the infographic and sample questionnaire to learn: 

• Steps to complete an inherent risk assessment 

• Examples throughout the risk assessment process

• Risk areas to cover in an inherent risk questionnaire 

• Sample questions for your inherent risk questionnaire

Ongoing geopolitical, economic, and environmental uncertainties can make operating a business today challenging to say the least. Outsourcing certain functions can save time and money and potentially unlock new revenues, but it also opens your business to potential risks within your supply chain and vendor relationships.

According to a new Supply Wisdom survey, “Risk Management in a Technology-Driven World”, most businesses lack understanding of the potential risks associated with their third-party vendors, suppliers and contractors. Don’t be one of them.

In this blog, we delve into the risks associated with third-party data practices and offer strategies to safeguard your business and its data in this evolving landscape.

An organization's mindset and approach toward managing risks, also known as risk culture, plays a crucial role to manage third-party risks effectively. Risk culture is a key element in helping teams work together appropriately to achieve their objectives and maintain performance in unpredictable business environments.

Learn what organizations need to know and do to ensure they have a strong third-party risk culture.

Download the eBook to learn:

• The components of third-party risk culture

• Questions to determine if your organization's risk culture is proactive, neutral, or reactive

• Benefits of a strong third-party risk culture

• How to create a third-party risk culture

There's a lot to consider in this stage, including risk assessments, risk ratings, due diligence, and contract negotiations. Taking these steps will ensure the relationship between your organization and the vendor starts off on the right path.

The first stage in a third-party risk management program is onboarding any new vendor. There’s often a sense of urgency to onboard the vendor quickly, but it’s essential to proceed through the process with careful planning, consideration, and collaboration between both parties.

Download this complimentary toolkit that includes:

• eBook: This guide provides an overview of the onboarding process, with best practices and considerations for each phase

• Infographic: A quick overview of the onboarding process and how to have an effective onboarding strategy

• Checklist: An interactive checklist that covers key questions to consider throughout the onboarding process

Third-party risk management is a constantly evolving field as risks continue to emerge and evolve. As your third-party risk management program grows, it's important to learn recent best practices that can effectively protect your organization against third-party risk.

These 31 best practices will greatly help you on your path to improved third-party risk management practices for your organization.

Download the eBook to learn:

• 31 third-party risk management best practices

• Example scenarios to consider

• Recommendations to help you achieve third-party risk management success

Over the last few years, ransomware attacks have escalated both in frequency and the scope of industries affected. Destructive ransomware events are a serious subset of these attacks, which materially harm the victim by encrypting critical systems and impairing their operational capabilities.

Defining roles and responsibilities for your third-party risk management program is an essential step that provides structure and promotes a stronger work ethic throughout your organization. Once your stakeholders are identified and tasks are assigned, your program will be on the right path to success. 

One of the most effective methods to use in this process is called RACI, which refers to identifying the individuals that are responsible, accountable, consulted, and informed for third-party risk management tasks.

Download the infographic and template to learn:

• How the RACI method keeps your third-party risk management program organized

• Tips to implementing the RACI method

• Examples of the RACI method in action

• How to implement the RACI method in your program with a customizable template

The vendor contract is an essential place to set expectations and standards for the entire vendor relationship. Effective vendor contract management has many benefits, including potential cost savings and safer third-party vendor relationships.

However, it’s never just a one-and-done step, but rather an ongoing process as vendor contracts must be regularly tracked and reviewed throughout the engagement.

Download the infographic to learn:

• Who is involved in vendor contract management

• Questions to ask when assigning responsibilities

• Essential practices that can be incorporated into your own strategy

Reviewing a vendor’s financials is an essential step of every successful third-party risk management program. Income statements, balance sheets, and cash flow statements provide a lot of valuable financial data, but it’s not always easy to know how to interpret the information.

Comparing this data to financial benchmarks is an effective strategy that can bring greater clarity to your vendor’s financial health. These financial benchmarks can give better insight into individual vendor risk profiles, as well as the broader arrangement of your vendor inventory.

Download the eBook to learn:

• Common financial benchmarks to use in vendor reviews

• Special considerations based on the level of vendor risk

• Additional tools to use in vendor financial reviews

Keeping up with compliance requirements can be a daunting task, particularly as regulations and laws are frequently revised. And failure to adhere to these laws and regulations can lead to increased scrutiny, fines, legal actions, or even business closure. The same consequences can apply even if the noncompliance stems from the organization's third parties.  

How can you ensure your third-party vendors are complying with these laws and regulations? There are a variety of techniques that can effectively manage and monitor third-party compliance risk. 

Download the infographic to learn: 

• What compliance risk is 

• Techniques for third-party compliance 

• Examples and best practices for managing and monitoring third-party compliance