7 Leading Strategies for Vendor Risk Management
lazupardo2023-01-12T04:28:48-05:00What is vendor risk management? Vendor risk management (VRM) means mitigating, monitoring, and identifying potential risks from third-party vendors and suppliers. It helps ensure that third-party products and services won't cause legal liabilities, cybersecurity risks, financial and reputational problems, and other business interruptions. Today, VRM is highly important as a cybersecurity initiative and strategic tool to save businesses money. When a business collaborates and partners with a third-party service provider, a significant portion of confidential data is entrusted to that external party. Thus, it’s paramount to rigorously review and assess –are your suppliers putting you at [...]