The complexity of vendor risk management increases every day, as does its importance to organizations that rely on third parties. Regulators are increasing their focus on potential third-party risk. Risks assessments for business processes and vendor management are being integrated, mapped to organizational risks, and mined for patterns and trends. Some organizations are even extending vendor risk management to assess the vendors of vendors.
Assessing and monitoring vendors and third parties is an arduous task if conducted manually. A manual process of inputting data, assigning risk levels, and following up requires multiple employees dedicating numerous hours. A manual process also makes it difficult to ensure harmony between an organization’s policies, regulatory requirements and those of the vendor or supplier.
On the other hand, a robust governance, risk management, and compliance system like the Keylight Platform can help organizations identify, classify, monitor, and recommend risk mitigation to support business operations and regulatory requirements.
In this webinar, LockPath’s vendor risk management experts provide an overview of the challenges to efficient and effective vendor risk management, and they demonstrate how GRC can bring order to the chaos of vendor risk management.