What You Need To Know
A Vendor Risk Assessment strategizes with a company to know the types of risks they are impacted by as they utilize third party vendors' services and/or products. Various risk types are associated and vetted, including cybersecurity, information security, and compliance.
Who Requires It?
Any organization that uses third party vendors to assist in company operations.
Three major factors are to be considered during a Vendor Risk Management Assessment: Identify the threat(s), determine the vulnerability of the system being attacked, supply value to the risk. Benefits include reducing long-term costs, formatting and establishing the Vendor Risk Management Assessment process for future use, avoiding possible data breaches and compliance issues; minimizing systems downtime and data loss