Vendor Risk Assessment Policy

DIGIGUARD can help your SMB manage the risk from third-party and fourth-party vendors (your vendor’s vendors), suppliers and outsourced service relationships. A Vendor Risk Management (VRM) or Third-Party Risk Management Program Policy (TPRM) identifies which vendors put your business at risk, and defines controls to minimize those risks. Companies increasingly rely on the increased efficiency of outsourced services. If your vendors lack strong safeguards, controls and restrictions, your organization could face operational, regulatory, fiscal and reputational risk. Regulatory standards hold companies responsible for the actions of their business partners and vendors and require effective third-party due diligence. Our experts can help you manage this risk with these services:

Governance and Policy Development

Maturity Assessments, Training and Awareness

Pre-Contract Risk Assessment

Issue Remediation and Identification

Periodic Risk Assessments and Compliance Verification

Third- and Fourth-Party Monitoring and Reporting

Third-Party Vendor Scope

The definition of a third-party vendor may vary by state, IRS or federal regulations. DIGIGUARD will review applicable regulations to help your business define and identify the vendor landscape. We will examine vendor and third-party relationship data compliance rules with the governing body that oversees your specific relationship such as U.S. government, state or international trade laws. Health and financial businesses may have additional data compliance rules. Here are some of the vendor relationships we examine:

Scoring Vendor Risk

DIGIGUARD can define a risk scoring policy for your business. It’s essential to assign high, medium and low-risk tiers to your vendors to understand and accept risk. We help you communicate this methodology to potential partners and stakeholders within your company. Here are some of the risk factors our consultants examine:

Contact DIGIGUARD today to help your business identify and address third-party vendor IT security risk.