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Apr 7, 2023
In today’s competitive world, one must be knowledgeable about the latest online bus...
Oct 12, 2018
| Member since | May 7, 2020 |
Today, nearly every organization relies on third- party vendors for competitive advantage, costs savings, and improved profitability. Third-party relationships offer a host of benefits, but they also come with strategic, reputational, regulatory, financial, and security risks. The best practices listed below can help any organization build a successful vendor risk management program. 1. Create Policies The first step is to create policies around data classification. Employee records, sensitive organizational information, financial data, and any client data should be considered as confidential data. After that create policies for type of assessments that need to be conducted based on the classification of data that each vendor stores or processes. 2. Vendor inventory Create an inventory of all third-party vendors the organization has a relationship with to determine the data type they have access to. Reviewing existing inventories and contracts and analyzing accounts payable are ... Continue reading →
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