Procurement, infosec and risk management teams typically conduct some form of due diligence on third parties as they are sourcing and onboarding new vendors and suppliers. These teams must ensure that the new vendor is resilient and can reliably deliver on its contractual objectives; has the security and privacy controls in place to govern access to customer data to avoid a compliance problem or data breach; is financially healthy; and is not a reputational risk that can impact the company’s operations.
Yet, Prevalent’s annual third-party risk management study showed that most organizations are not extending their vendor evaluations beyond regular security assessments to include risk areas such as vendor performance and SLA management or offboarding and termination – each of them an important stage in the vendor risk lifecycle.
What’s holding organizations back? Manual, spreadsheet-based processes that leave gaps in third-party risk identification and overcomplicate risk analysis and mitigation, creating frustration for multiple internal teams involved in third-party risk.
It’s clear that organizations must mature their TPRM programs to better automate risk assessments and improve intelligence at every stage of the vendor lifecycle or risk the consequences of data breaches, compliance violations or business disruptions.
Prevalent surveyed its customers in July 2021 to learn how they manage vendor risk throughout the third-party lifecycle. The results of the survey, available in our new white paper, Navigating the Vendor Risk Lifecycle: Keys to Success at Every Stage, provide helpful guidance and best practices for increasing visibility and reducing risk.
This post summarizes the findings from the study and provides insights on measuring TPRM program maturity and understanding all the stages in a vendor’s lifecycle. For complete insights, be sure to download the full paper. As a bonus, you’ll get real customer case studies and a checklist of capabilities to compare solution against.
Navigating the Vendor Risk Lifecycle: Keys to Success
This complimentary guide details best practices for successfully managing risk throughout the vendor lifecycle. See what we've learned in our 15+ years of experience working with hundreds of customers.
Before you know where you’re going, you have to know where you are. Our study shows that organizations can be anywhere in their TPRM program and process maturity, but we have grouped companies into three (3) broad, non-linear categories:
How does your organization rank in its TPRM process maturity? Download the paper for additional criteria to score your placement.
Results from our study showed that there are seven (7) distinct stages of a vendor’s lifecycle, each presenting its own unique risks and ideal solutions. What are the stages and what are companies looking to accomplish at each stage?
If your organization is looking to build or improve its TPRM program for 2022, Prevalent can help. Download the white paper, Navigating the Vendor Risk Lifecycle: Keys to Success at Every Stage, and gain helpful insights into:
Whether you’re new to third-party risk management or a seasoned pro, you’ll walk away with actionable insights for making your program a success.