Vendor-Provided Resources

Whenever your organization partners with a third-party vendor, it’s important to set certain quality standards for the product or service you’re purchasing. If your vendor isn’t meeting those standards, your organization could be dealing with issues like decreased productivity, added expenses, operational disruptions, and reputational damage. 

A vendor’s performance must be closely monitored and tracked to ensure it remains at the expected level outlined in the service level agreement (SLA). Tracking your vendor’s performance through key performance indicators (KPIs) helps ensure the vendor is meeting its SLA, which is an important element in managing third-party risk. 

Download the eBook to learn:

• How to use SLAs and KPIs in your third-party risk management program

• How to align SLAs and KPIs

• Tips and examples for effective SLAs and KPIs

Unlock the future of risk management with Supply Wisdom's DORA eBook! Dive into this essential guide that explores the transformative impact of the Digital Operational Resilience Act on banks, financial institutions, and ICT service providers.

Discover how to enhance your third-party risk management strategies while navigating compliance with ease. With a unified framework and clear legal guidelines, this eBook is your key to mastering data management, securing your supply chain, and staying ahead of cyber threats.

While most third-party risk management professionals understand it's essential to address and manage vendor risk, one crucial activity can be confusing or even neglected – ensuring vendors carry appropriate insurance coverage. Many organizations don't have the necessary knowledge on vendor insurance policies and coverage amounts.  

Understanding insurance can be challenging, as it involves navigating a range of state-specific regulations, complex policy language, and a wide range of coverage options. How can organizations better align their use of vendor insurance coverage as an actual risk mitigation technique?  

Download this eBook to learn:  

• Basic vendor insurance terms to know  

• Common commercial insurance types  

• Examples of which vendors should carry each insurance type  

• Vendor insurance considerations 

It's a common scenario... An organization neglects to track contract expiration dates only to realize too late, and the end date is only a few days away. The lack of preparation leaves very little time for negotiating or modifying the contract or identifying alternative vendors if needed.  

Mid-term vendor contract reviews are an effective way to ensure vendors continue to deliver their products and services as expected and that both parties are satisfied with the partnership.  

Download the infographic to learn:  

• What a mid-term contract review is  

• Benefits of performing a mid-term contract review  

• Questions to ask during the review  

• Best practices 

The Third Party Risk Management Maturity Model is designed to help   companies assess their TPRM programs' maturity and determine their program   roadmaps. We'll be adding practical guides and resources to this page. If you have any recommended resources send them our way at info@locktivity.com!

A vendor experiencing poor financial health may feel the pressure to cut expenses, which then can affect operations, security, and more. Since contracts and service level agreements (SLAs) are often used to ensure quality standards in a vendor’s products and services, they can also be valuable tools in addressing a vendor’s poor financial performance.

Learn strategies and tips to help your organization use relevant contract language and SLAs to address a vendor’s poor financial health.

Download the infographic to learn:

• The consequences of poor vendor financial health

• Contract and SLA strategies to address poor financial health

• Tips to help you mitigate the risks

As data breaches occur more frequently, it’s become increasingly important to ensure both your organization and third-party vendors keep data secure. Data can be impacted by privacy and security incidents, both of which can occur through your third-party vendors.

Vendor data breaches can range in severity, from minor incidents to significant events that create operational failures and require public disclosure. Protecting your organization from vendor data breaches begins with learning about the different categories and types of data breaches that can occur so you can better safeguard your organization.

Download the infographic to learn:

• The difference between a privacy incident and security incident

• Examples of the types of data at risk

• Common types of vendor data breaches

• Safeguarding tips

Vendor risk management is a complex practice that requires a thorough understanding of your organization's objectives, regulatory requirements, and vendors' business practices. It also requires ongoing effort to stay informed and manage new and evolving vendor risks.

Following the tips and best practices in this mini handbook can help maintain an effective vendor risk management program that protects your organization and customers.  

Download the handbook to learn:

• Answers to frequently asked questions

• How to follow the vendor risk management lifecycle

• Tips to mature your vendor risk management program

Since the board of directors is ultimately accountable for the oversight of third-party risk management, they need up-to-date information. This is provided through third-party risk management board reporting.  Presenting reports to the board or a board committee can be a challenging task, but it’s also a rewarding opportunity for TPRM professionals to showcase their knowledge and expertise. Venminder has put together a powerful toolkit to set up your organization for success.  

Download the toolkit for: 

• An infographic that covers what and when to report information to the board

• An eBook that explains in-depth what data to include in the reports

• PowerPoint templates your organization can use when preparing board reports 

• PowerPoint examples of monthly and annual board reports

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.