When organizations use a standard scoring model for Vendor Risk Management, consistency increases, subjectivity decreases and the processes within the program become quicker and more efficient. A consistently used scoring model helps in the prioritization of depth and reach in due diligence. It improves the overall effectiveness of risk mitigation because resources are directed toward the riskiest vendor relationships. ProcessUnity’s vendor risk management best practices guide outlines the latest thinking in vendor risk scoring and scoping as well as key information on how to:
- Rank vendors by criticality
- Increase quantity and quality of vendor self-assessments
- Remediate issues faster
- Assess overall vendor performance
- Quickly compile reports for management and regulatory reviews
Another part of the paper looks at inherent risk vs residual risk while yet another looks at numeric scoring vs issue-based scoring… but I’m not going to tell you about that because The Best Practices Guide to Vendor Risk Scoring is worth the read and I don’t want to spoil the end!
One key takeaway from this ebook is to “keep it simple.” Scoring doesn’t have to be complicated and complex but should grow with your vendor program and iterate over time.
Click to download: The Best Practices Guide to Vendor Risk Scoring
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About Us
ProcessUnity is the Third-Party Risk Management (TPRM) company. Our software platforms and data services protect customers from cybersecurity threats, breaches, and outages that originate from their ever-growing ecosystem of business partners. By combining the world’s largest third-party risk data exchange, the leading TPRM workflow platform, and powerful artificial intelligence, ProcessUnity extends third-party risk, procurement, and cybersecurity teams so they can cover their entire vendor portfolio. With ProcessUnity, organizations of all sizes reduce assessment work while improving quality, securing intellectual property and customer data so business operations continue to operate uninterrupted.