Vendor Management Development
Vendor management or third-party management is all about managing risk from business partners. This evaluation includes a review of security SLA for contracts and vendor risk assessment which encapsulates security requirements and service level agreements within the contracting phase of procurements. Also, this includes a vendor risk management process that focuses on assessing third-party risks.
The assessment is an expert-led process and includes interviews with several department and subject matter experts. This evaluation includes a documentation review of assessments, process documentation, and evidence of implemented security processes.
The absence of specific security-based contractual terms reduces the legal protections available to an organization and restricts the organization’s ability to manage third-party vendors and associated security risks to any standard or acceptable level. Not having a vendor risk strategy also denies the organization to validate if a business partner is keeping its contractual agreements and it hampers the procurement phase of third-party selection. This assessment helps in identify gaps and mitigate the stated risk.