Do You Work With High-Risk Vendors?
The next big issue in risk management: vendors. The goal of Vendor Risk Management (VRM) is to safeguard the company by understanding the risks its vendors face — and according to an Aite Group survey of 26 global financial services firms, it’s due for more attention.
When asked “How many vendors does your company currently classify as high-risk?”, nearly a quarter of those surveyed responded between 25 and 99! Here’s the complete breakdown:
How can a company assess a vendor’s risks? Here are the most popular answers:
Overall, the best defense is a strong risk management program that’s consistently re-evaluated and gets buy-in from executive management, vendors, and risk experts. DRI’s Risk Management for the Business Continuity Professional can help you develop and implement just such a program. Click here to learn more about it, and to register for an upcoming course!