It is no secret that your business relies on the services of several vendors and external service providers. Understandably, they also expose you to vulnerabilities that may endanger your security, data, and reputation. This is why at TSCM Services, we provide you with a complete Vendor Risk Management services which will help you understand, supervise, and manage risks associated with your third-party engagements.

So, what is VRM?

As the name suggests, Vendor risk management or VRM is the practice of assessing, monitoring, and mitigating risks that are posed by third-party vendors, suppliers, or even partners. This can be determining their level of compliance with international standards of cybersecurity, their adherence to policies that govern the industry, and other potential risks they may inflict on the business.

• In essence, useful vendor risk management will help a business to achieve the following:
• Mitigate the risk of exposing sensitive and proprietary information to third parties.
• Eliminate the chances of violating industry best practices and legislation.
• Avoid direct damage to the business image as a result of the damage caused by the vendors.

Our Vendor Risk Management Services

• Vendor Risk Assessment
  • Risk Profiling: Assess the risk likelihood based on vendor type, vendor security, and vendor experience.
  • Due Diligence: Thorough Research on a vendor’s security policies, certifications, and operational compliance.
  • Third-Party Audits: Regularly auditing third parties to ensure compliance with laws and security measures.
• Contractual Risk Management
  • Contract Review: Making sure that every contractual agreement is signed with all the necessary security, compliance, and liability measures.
  • Service Level Agreements (SLAs): Expect all Data related matters to be protected with the highest standard while also being made available and any concerns responded to by the vendor in a reasonable time.
  • Risk Mitigation Terms: Risks associated with vendors which include practice operations or supply chain responsibilities need to be addressed.
• Ongoing Vendor Monitoring
  • Continuous Monitoring: Monitoring changes in the vendor, their performance, behavioural patterns, and other factors that is relevant to risk management.
  • Risk Reporting: Provide periodic vendor risk assessments and follow up reports for all areas or the singular areas that require further actions or improvement.
  • Incident Response Plans: Clearly define the roles and responsibilities of the organization and the involved parties most especially the vendor in averting potential security risks and how to report security incidents and breaches.
• Compliance and Regulatory Risk Management
  • Compliance Check: Vendors need to be legally registered and qualified to provide the business service in a certain area within consideration of the local laws for instance GDPR, HIPAA and more.
  • Regulatory Reporting: Ensure that the necessary documentation is available in case there are requests from regulatory bodies and easy access to them.
• Supply Chain Risk Management
  • Supply Chain Audits: Evaluate the risks within your supply chain and the critical areas that might undermine the aspects of your security.
  • Disaster Recovery Plans: Vendors should be cooperative by assessing the risks and creating mitigation strategies for halting continuity of business or organization.

Benefits of Vendor Risk Management

• Reduced Risk Exposure: With an understanding of the risks a vendor poses to your business, an intent of minimising risks of cyber attack or data breach can be achieved.
• Improved Compliance: In order to protect your business on the privacy side it is key that your vendors pass the security and compliance checks which also keep you in line with data protection laws and other industry policies
• Enhanced Decision-Making: Understanding the vendor’s security practices gives you critical information which you can use to estimate potential risks or further consider the mandate in relation to securing an investment
• Better Control Over Third-Party Relationships: There is a possibility to set up stronger controls in place over the governance and accountability concerning vendors’ performance and security policies
• Increased Trust: You reduce the risks and manage the compliance of the vendor thereby enhancing the trust level of your customers and partners towards your business.

Why Choose TSCM Services for Vendor Risk Management?

• Expertise: We have an able risk management team that has experience and skill in doing appropriate assessments and providing vendor assessments in relation to the business requirements.
• Customized Approach: We provide deliverables which are suitable to the risks present within that particular industry and the compliance needs as required
• Continuous Monitoring: We provide an all-time vendor monitoring program enabling you to have the latest updates about the risks that you are exposed to through your third party vendors.
• Proven Track Record: A proven source for securing business from different companies for managing vendor relationships and mitigating thirdparty risks.