Third-Party-Risk

The Importance of Vendor Risk Management In today’s globalized and interconnected world, organizations rely heavily on third-party vendors to deliver goods, services, and expertise. However, this increased reliance on vendors also introduces new risks that can have significant impacts on an organization’s operations, reputation, and bottom line. According to a study by KPMG, 75% of organizations consider third-party risk a significant concern, and 55% have experienced a third-party-related incident in the past three years. ...

The Evolution of Vendor Risk Management: Emerging Trends and Best Practices In today’s interconnected business landscape, organizations rely heavily on third-party vendors to deliver goods and services, manage operations, and provide expertise. However, this increased reliance on vendors also introduces new risks, making Vendor Risk Management (VRM) a critical component of an organization’s overall risk management strategy. In this blog post, we will explore the emerging trends and best practices in VRM, and how organizations can stay ahead of the curve in managing vendor risk. ...

The Importance of Vendor Risk Management In today’s interconnected business landscape, organizations rely heavily on third-party vendors to deliver goods and services. However, this reliance also introduces significant risks, including data breaches, non-compliance, and reputational damage. According to a study by the Ponemon Institute, 61% of organizations have experienced a data breach caused by a third-party vendor. This is where Vendor Risk Management (VRM) comes into play. VRM is the process of assessing, mitigating, and monitoring the risks associated with third-party vendors. It involves identifying potential risks, evaluating vendor performance, and implementing controls to minimize the likelihood of a security breach or non-compliance. Effective VRM is crucial for protecting an organization’s sensitive data, maintaining regulatory compliance, and ensuring business continuity. ...