Vendor-Provided Resources

Over the years, we have received feedback from customers that vendor management is one of their top pain points. This workbook was written from a desire to help guide vendor managers through the process in a way that is equally effective and efficient. Many of the concepts in this book are implemented in our vendor management software.

This article explains why small and mid sized vendors create outsized third party risk and how programs can bring them into view without adding heavy overhead. It covers the regulatory direction in the United States and the influence of DORA in the European Union, then offers a practical playbook for teams. Readers get a minimum viable evidence set, ways to use annual attestations as live monitoring, guidance on explainable scoring, and a short list of metrics that prove progress. The goal is fast, defensible assurance for the long tail of vendors.

This eBook explores the urgent need to adapt TPRM strategies to this evolving threat. We will examine why standard approaches such as SOC 2 and questionnaires often fall short in mitigating the modern ransomware menace. We will outline practical steps to bolster business continuity planning, integrate cybersecurity with operational resilience, and leverage HITRUST for more robust third-party risk mitigation. The question is not if another disruption will occur but when — and whether your organization will be ready.

Organizations rely on third-party vendors for crucial functions. These vendors often gain internal access to sensitive data. As dependencies increase, the risk of cyber threats increases, too. You may have a robust cybersecurity program. But what about your vendors? How do you ensure they have a strong cybersecurity plan to protect your and your customers’ data?

As financial technology (fintech) continues to evolve, third-party vendor risk management for financial institutions has become a mission-critical priority. In a sector where digital services, data-driven solutions, and external partnerships are the norm, overlooking third-party risk can lead to severe regulatory, operational, and reputational consequences.

This blog explores the unique challenges fintech companies face when managing third-party vendors and how adopting a structured, scalable assurance program like HITRUST can turn risk into a strategic advantage.

One of the most persistent challenges in Third-Party Risk Management (TPRM) is the growing tension between vendors and their customers over how much information is “enough” to complete the vendor due diligence process and gain meaningful assurance. At the heart of this tension is a fundamental friction: vendors are understandably cautious about sharing detailed internal information, while customers are under pressure to demand more of it.

Vendor relationships naturally expose your organization to risk. These can impact your organization in many ways, so it’s important to identify vendor risks before beginning a relationship. One of the first steps in this process is the inherent risk assessment. This internal document identifies the types and amounts of risks present in the vendor’s product or service. Inherent vendor risk is the level of risk your organization faces from a vendor relationship without any safeguards or controls in place. 

Download the eBook to learn: 

• Common vendor risk types with sample questions

• Next steps after determining inherent vendor risk

• How to use inherent risk in your program decisions

A vendor with inadequate business continuity and disaster recovery (BC/DR) plans can be a recipe for disaster. You may face delayed service times, data loss, operational delays, and reputational damage. A vendor’s BC/DR plans and associated test results documentation can provide assurance the vendor is prepared. 

Download the checklist to learn: 

• What to review in a vendor's business continuity plan 

• What to review in a vendor's disaster recovery plan

"...when resources are limited, ingenuity must step in. Even when our resources have dwindled and the stakes have grown, we must continue to achieve great things.

It’s a principle that applies far beyond beach vacations, especially in today’s world of Third-Party Risk Management (TPRM), where teams are being asked to deliver more insight, faster decisions, and stronger outcomes—with fewer people, tighter budgets, and growing pressure."