Vendor risk management, also called supplier risk management or third-party risk management, describes the efforts of managing the risks posed by the companies who sell you products and services. For the most part, this risk management discipline uses assessments, collects information periodically, and involves external rating providers. With this process, you qualify and on-board vendors, and create snapshots of their status. Equipped with this data, you are able to ensure that these third parties meet and maintain the base requirements set by your organization, for example on data security, cyber, compliance and financial health.
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