What is a typical vendor risk management process?

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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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Michael Rasmussen | GRC 20/20 Research LLC

"The 6clicks solution simplifies and strengthens risk, compliance, and control processes across entities and can grow and adapt as the organization changes and evolves."

Michael Rasmussen
GRC 20/20 Research LLC

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