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Vendor Risk Management: Ten Frequently Asked Questions

  • Vendor Risk Management: Ten Frequently Asked Questions-

    On-Site Visits

    When should I go on-site to meet with my vendor?

    For some vendors, you can do business all in writing, though many require phone conversations (desk assessments). Depending on the strategic nature of the relationship and the goods or services delivered, on-site visits may be warranted, both during vendor selection and for ongoing relationship management. According to the OCC, "On-site visits may be useful to understand fully the third-party's operations and capacity."

    The important thing here is to make sure you are focusing your scarce resources and travel budget on visiting those vendors that are most strategic to your business and/or have the highest levels of network access.

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Vendor Risk Management: Ten Frequently Asked Questions

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  • Vendor Risk Management: Ten Frequently Asked Questions-9

    On-Site Visits

    When should I go on-site to meet with my vendor?

    For some vendors, you can do business all in writing, though many require phone conversations (desk assessments). Depending on the strategic nature of the relationship and the goods or services delivered, on-site visits may be warranted, both during vendor selection and for ongoing relationship management. According to the OCC, "On-site visits may be useful to understand fully the third-party's operations and capacity."

    The important thing here is to make sure you are focusing your scarce resources and travel budget on visiting those vendors that are most strategic to your business and/or have the highest levels of network access.

As cyber threats become more sophisticated and complex, businesses need not only to ensure they are secure, but that their vital partners, suppliers and vendors are protecting themselves as well. According to the 2015 Verizon DBIR, 70 percent of observed cyber attacks involved a secondary victim. To avoid being blindsided, organizations are beginning to monitor the security of their third parties to reduce the likelihood of a data breach.

Gartner estimates that around 10 percent of companies have formalized IT risk management programs, but that the figure will grow to 40 percent by 2018. If you're just beginning to implement a vendor risk management (VRM) program, BitSight Technologies has identified 10 frequently asked questions to help you get started.