Vendor Risk Management: the untapped MSP revenue stream

Vendor Risk Management (VRM) is one of the fastest-growing compliance requirements globally — and one of the most overlooked service opportunities for MSPs. Every ISO 27001, SOC 2, Essential Eight, and NIS2 program requires it. Most organizations are doing it poorly. 6clicks makes it easy for MSPs to deliver it well.

Who this is for: MSPs looking to expand their GRC service offering with a high-demand, recurring service line.

 

TL;DR

 

• VRM is a mandatory component of ISO 27001, SOC 2, Essential Eight, NIST CSF, and NIS2
• Most mid-market organizations manage vendor risk through spreadsheets, creating significant gaps and audit exposure
• 6clicks includes a pre-built Vendor Risk Management module with assessment questionnaires, risk scoring, and remediation tracking
• MSPs can package VRM as a standalone service or bundle it with existing GRC subscriptions
• Typical add-on revenue: AUD 1,500–4,000/month per client for managed VRM

Why VRM is now mandatory, not optional

Vendor risk — the risk posed by third-party suppliers, subcontractors, and technology providers — has become a top-tier compliance requirement across all major frameworks:

• ISO 27001:2022: Annex A control A.5.19 (information security in supplier relationships) and related controls explicitly require supplier risk management
• SOC 2: Vendor management is a core component of the Common Criteria controls
• Essential Eight: Patch management and application control requirements apply to both internally developed and third-party applications, reinforcing the need to manage software-related security risk
• NIST CSF 2.0: Supply chain risk management is significantly strengthened in version 2.0
• NIS2: Supply chain security is a headline requirement for all in-scope organizations

Organizations that cannot demonstrate a managed vendor risk program will fail compliance assessments. This creates a clear, immediate opportunity for MSPs.

What a managed VRM service includes

Developing a vendor risk management offering requires a structured, well-packaged service model:

Vendor inventory and classification

The first step in VRM is building a complete inventory of vendors and classifying them by risk level (critical, significant, low). 6clicks provides structured vendor inventory tools with risk classification criteria.

Vendor risk assessments

Using 6clicks, MSPs send structured risk assessment questionnaires to vendors, track responses, and generate risk scores. Assessments can be customized by vendor type (cloud provider, software vendor, professional services, etc.).

Risk scoring and remediation

Hailey AI analyzes vendor responses and generates risk scores, identifying high-risk vendors that require remediation or enhanced monitoring. Remediation plans are tracked in the 6clicks risk register.

Ongoing monitoring

VRM is not a one-time exercise. 6clicks supports ongoing vendor monitoring with scheduled reassessment reminders, change notifications, and risk trend tracking.

Contract and compliance evidence

6clicks maintains a compliance evidence repository for each vendor, including assessment records, contractual data processing agreements, and incident history.

How to price managed VRM as an MSP

VRM can be packaged as:

• Standalone service: AUD 1,500–4,000/month covering vendor inventory, annual assessments, and ongoing monitoring
• Bundle add-on: AUD 1,000–2,500/month when added to an existing GRC subscription
• Project: AUD 5,000–15,000 for initial vendor inventory build and first-round assessments

How 6clicks helps MSPs deliver VRM efficiently

6clicks has built-in capabilities for integrated vendor risk management:

• Pre-built vendor assessment questionnaires for common vendor categories
• Automated questionnaire distribution — vendors receive and complete assessments directly in 6clicks
• Hailey AI risk scoring — automatic risk ratings based on vendor responses
• Vendor portal — vendors can submit evidence and respond to queries in a dedicated portal
• Integration with ISO 27001 and SOC 2 frameworks — vendor evidence automatically mapped to relevant controls

Frequently asked questions

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