Vendor Risk ManagementThird-Party Security Assessment
Build a robust vendor risk management program to assess, monitor, and manage third-party security risks. Comprehensive TPRM services for vendor evaluation, questionnaire reviews, and continuous monitoring.
What is Vendor Risk Management?
Vendor Risk Management (VRM) or Third-Party Risk Management (TPRM) is the process of identifying, assessing, and mitigating security and compliance risks introduced by vendors, suppliers, and service providers who access your systems or data.
With increasing regulatory requirements (GDPR, SOC 2, ISO 27001, HIPAA) and high-profile supply chain attacks, organizations must maintain robust vendor risk programs to protect their security posture and meet compliance obligations.
Regulatory Requirement
Required by SOC 2, ISO 27001, HIPAA, GDPR, and other frameworks
Supply Chain Protection
Mitigate risks from vendor breaches and supply chain attacks
Risk Visibility
Gain visibility into third-party security posture and risk exposure
Who Needs VRM/TPRM?
Companies with Compliance Requirements
Organizations pursuing SOC 2, ISO 27001, HIPAA, or GDPR compliance
SaaS & Cloud Platforms
Companies relying on third-party services and integrations
Financial Services & FinTech
Organizations with strict vendor risk requirements
Enterprise Organizations
Companies managing large vendor ecosystems
Our VRM/TPRM Services
Comprehensive vendor risk management solutions
Third-Party Risk Assessments
Comprehensive vendor security assessments and due diligence
- Vendor security reviews
- Risk scoring methodology
- Due diligence questionnaires
- Assessment reports
Security Questionnaire Review
Efficient review and validation of vendor security questionnaires
- Questionnaire analysis
- Evidence validation
- Risk identification
- Remediation recommendations
Continuous Monitoring Program
Ongoing monitoring of vendor risk posture and security incidents
- Automated risk monitoring
- Security news tracking
- Periodic reassessments
- Risk trend analysis
Risk Scoring & Classification
Tiered risk classification framework for vendor prioritization
- Risk tier methodology
- Criticality assessment
- Data access classification
- Priority matrix
Vendor Lifecycle Management
End-to-end vendor management from onboarding to offboarding
- Vendor onboarding
- Contract reviews
- Periodic assessments
- Vendor offboarding
Supply Chain Risk Mitigation
Strategies to reduce supply chain and fourth-party risks
- Supply chain mapping
- Fourth-party risk assessment
- Incident response planning
- Business continuity
Our Implementation Process
A proven 5-phase methodology for vendor risk management
Phase 1
Program Design
Define VRM framework, risk criteria, and vendor classification model
Phase 2
Vendor Inventory
Identify and catalog all third-party vendors and service providers
Phase 3
Risk Assessments
Conduct initial risk assessments for critical and high-risk vendors
Phase 4
Monitoring Setup
Implement continuous monitoring and reassessment processes
Phase 5
Ongoing Management
Maintain vendor risk program with periodic reviews and updates
What You'll Receive
Comprehensive deliverables for vendor risk management
VRM Policy & Procedures
Comprehensive vendor risk management framework
Vendor Inventory & Register
Complete catalog of third-party relationships
Risk Scoring Methodology
Tiered classification and risk scoring model
Security Assessment Templates
Standardized questionnaires and evaluation criteria
Vendor Risk Reports
Individual vendor assessment reports and findings
Continuous Monitoring Program
Automated monitoring and reassessment framework
Contract Review Templates
Security and privacy contract requirements
Incident Response Procedures
Vendor incident and breach response plan
Executive Dashboards
Risk visibility and reporting for leadership
Get Your Custom Quote
VRM program scope varies by vendor count and complexity. Share your needs and we'll provide a detailed quote within 24 hours.
Request a Quote
Get a customized quote for Vendor Risk Management (VRM/TPRM) implementation
Frequently Asked Questions
Why is vendor risk management important?
Third-party vendors often have access to your sensitive data and systems, creating significant security risks. VRM helps identify, assess, and mitigate these risks. It's also required by most compliance frameworks (SOC 2, ISO 27001, HIPAA, GDPR) and increasingly by cyber insurance providers.
How do I classify vendors by risk level?
Vendor risk classification typically considers: (1) Type and volume of data accessed, (2) Criticality to business operations, (3) Access to systems and networks, (4) Regulatory requirements, and (5) Vendor security posture. We help develop a tiered model (Critical, High, Medium, Low) based on these factors.
What's included in a vendor security assessment?
Assessments typically include security questionnaires, evidence validation (SOC 2 reports, certifications), technical controls review, data handling practices, incident response capabilities, and subprocessor evaluation. The depth depends on vendor risk tier.
How often should I reassess vendors?
Reassessment frequency depends on risk tier: Critical vendors annually or semi-annually, High-risk vendors annually, Medium-risk vendors every 2 years, Low-risk vendors every 3 years or upon significant changes. Continuous monitoring should supplement periodic assessments.
What if a vendor doesn't have SOC 2 or ISO 27001?
Not all vendors will have certifications, especially smaller providers. In these cases, conduct more thorough security questionnaire reviews, request evidence of security practices, consider on-site assessments for critical vendors, and ensure strong contractual security requirements and right-to-audit clauses.
How long does it take to implement a VRM program?
Initial VRM program setup typically takes 8-12 weeks including framework development, vendor inventory, and initial assessments of critical vendors. Ongoing vendor assessments continue based on your reassessment schedule and new vendor onboarding.
Ready to Build Your VRM Program?
Gain visibility and control over third-party risks. Get a customized vendor risk management plan within 24 hours.