As enterprises continue to outsource more aspects of their operations to third parties, they expose themselves to more shared risk. Most organizations understand the need to automate vendor risk management (VRM) activities to keep up with increasing scope and scrutiny. Yet they struggle to identify and prioritize the key features their VRM solution must provide so they can make a significant impact quickly.
To help with this challenge, we've put together a solution checklist that will serve as a guide. It outlines key features you should look for in a VRM solution and explains the significance of each in mitigating vendor risk, including:
- vendor risk assessment workflows
- vendor engagement
- risk reporting requirements
- architecture & infrastructure