How to Automate vendor risk management?
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Vendor risk management can be considered a type of third-party risk management – is about identifying and mitigating the risks associated with vendors. These risks could be financial, reputational, operational, and most importantly, related to cybersecurity threats, attacks, and data breaches.
Here are 4 steps that can help you automate your vendor risk management:
Step 1: First and foremost, if you haven't already done so, your company should establish a vendor risk management program team and an overall strategy that has been approved by the board of directors.
Step 2: Create a flowchart for your processes and procedures. Once you've built a vendor risk management program and team, refer to your established processes and procedures. These processes and procedures serve as road maps for putting your program into action.
Step 3: Look for processes and procedures that are repeatable, and keep in mind that some processes will repeat more frequently than others. The idea is to identify and automate repetitive processes as much as possible.
Step 4: You're all set to automate your program now. With the help of a consulting company, you can deploy vendor risk management software after assessing its pros and cons. Your risk management team should ensure smooth training and adoption of the software so they can leave behind traditional processes.
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