Vendor-Provided Resources

When managing vendor risk, there's often confusion surrounding critical and high risk. Many mistakenly consider these terms synonymous, but they're not.

There's an important difference between these terms and how they should be applied. This infographic outlines how to separate criticality from various risk ratings.

Download the infographic to learn:

• Criticality vs risk ratings

• What a risk rating is

• How to manage critical and high-risk vendors

Check out Venminder's slide deck on "Engaging, Educating, and Enabling Your Vendor Owners for Optimal Third- Party Risk Management Success".

Successful vendor risk management requires more than a policy, software and a framework. It requires the teamwork of stakeholders across the organization, and vendor managers play a crucial role. Still, vendor risk management teams report that getting the vendor managers’ full engagement and participation is a constant struggle. Why is this predicament so common? How can resistance from the line of business be addressed? 

To help vendor risk management teams build and maintain effective and mutually beneficial relationships with their line of business vendor managers, it’s important to understand the “3 E’s” - Engagement, Education and Enablement. Establishing or improving these relationships is often a necessary first step in effectively executing vendor risk management across the organization.

Create a TPRM program that addresses your organization’s highest security risks and aligns with strategic objectives

The number of businesses in the world has increased drastically in recent years, and the need for third-party suppliers has grown with it. With additional external dependencies in the form of third parties and vendors comes a widened risk landscape. Left unmonitored, threats and security incidents can become pervasive and cripple your business. 

In this infographic, you’ll learn: 

• How many surveyed companies have expanded their third-party network

• The percent of businesses that have experienced significant disruptions caused by third parties

• The amount of organizations that have given more access to external partners

Working with third parties is essential to the success of almost every organization. But it also introduces numerous security risks and challenges. In the last year alone, 84% of security professionals experienced at least one significant disruption directly attributed to a third party. Organizations across all industries are quickly — and painfully — seeing gaps in their current security programs. We spoke with leading security experts across various operational functions, from CISOs to cyber risk managers to procurement leads, about their approach to working with third parties. 

Learn how to:

• Approach a TPRM program as an InfoSec professional

• Get buy-in from key stakeholders

• Leverage existing company resources and tools

• Implement a TPRM program across the organization

Venminder created this AI primer to help third-party risk managers gain a fundamental understanding of artificial intelligence to better understand some of the AI products, services, and risks that must be considered in their third-party risk management (TPRM) practices.

In a recent Aravo benchmarking survey, approximately 90% of respondents reported that their organization had experienced at least one incident related to third parties that either did or could have led to business disruption or reputational damage. This is up from 59% in 2020, and 75% in 2019. As the third-party risk management (TPRM) discipline evolves, regulators, investors, and other stakeholders want to know that organizations are managing risks and are resilient in the face of change. Organizations need the ability to quickly detect and respond to changes in the risk profiles of their third parties.

As a risk manager, you are likely familiar with the concept of certificates of insurance. But have you ever thought of leveraging machine learning to analyze those certificates? With the right technology, you can now throw away your spreadsheets and step into the future. Take a look at how Evident uses machine learning to analyze certificates of insurance.

In this white paper, the RiskRecon research team breaks down five important insights for better managing supply chain ransomware risk based on an analysis of over 1000 publicly disclosed ransomware events occurring from 2017-2022.

With the latest statement from the White House on responsible AI, it’s clear AI is firmly in the spotlight. Find out how your organization can establish a foundation to address AI risks.

Dominated by a few risk repositories and scorecards, the TPRM ecosystem’s solutions have left healthcare largely wanting—still facing the same challenges that inspired the solution search in the first place. So, what does it take the actually solve for third-party risk in healthcare? Turns out, this question is best answered by professionals who have worked in healthcare.