What is a typical vendor risk management process?
1. Identification: Identify and assess the risks associated with the use of vendors.
2. Evaluation: Evaluate the vendor’s capabilities, resources, and processes to determine if they meet the organization’s requirements.
3. Selection: Select the vendor that best meets the organization’s needs.
4. Monitoring: Monitor the vendor’s performance and compliance with contractual obligations.
5. Reporting: Report any risks or issues to the appropriate stakeholders.
6. Review: Regularly review the vendor risk management process to ensure it is effective and up to date.
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