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What does a vendor risk manager do?
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What does a vendor risk manager do?
A vendor risk manager is responsible for identifying, assessing, and mitigating risks associated with vendors. This includes evaluating vendors?? security controls, assessing the potential for financial, operational, and reputational risks, and developing strategies to reduce or eliminate those risks.
The vendor risk manager is also responsible for developing and implementing policies and procedures for vendor management, including vendor selection and onboarding, monitoring, and termination. This includes creating processes for assessing vendors?? security controls, conducting due diligence, and establishing contractual requirements.
The vendor risk manager is also responsible for monitoring vendors?? performance and compliance with the organization??s policies and procedures. This includes conducting periodic reviews to ensure vendors are meeting the organization??s standards and requirements.
Finally, the vendor risk manager is responsible for communicating with vendors, stakeholders, and other departments to ensure they are aware of any risks and their associated mitigation strategies. This includes providing guidance on best practices and educating vendors on the organization??s security requirements.