Know Your Level of Third-Party Risk
Get backup from our team of security experts to assist your organization in enhancing and standardizing your vendor risk management program.
Vendor Risk Management
What is Vendor Risk Management?
Validate the information security practices of your vendors
More than half of all security breaches result from third-party vendors hired by your organization, so it’s critical that you identify the vendors working for you and determine the level of risk they bring. The easiest way to do this is by using vendor risk management software. Our VRM services help you to pinpoint the vendors that present the most risk to your organization—evaluating all third-party vendors based on the amount of potential impact they have on your organization.
How does FRSecure approach VRM?
Armed with a standardized, risk-based scoring methodology coupled with a built-in remediation plan, FRSecure will work to assist your vendors in correcting any security issues that arise in order to protect their organization and yours.
Organizations can’t adequately determine their vendor risk without knowing who ALL of their vendors are. Building an inventory is a key first step.
Once organizations know who their vendors are, it’s important to classify them. Categorize the impact a vendor’s risk has on you so you can prioritize better.
Once you understand who your high-risk and medium-risk vendors are, quantifying the risk that comes along with that vendor becomes crucial.
So you know all your vendors and the risk they pose. How do you want to handle it? Agree upon remediation efforts to help mitigate risk.
Several regulations & compliances require third-party vendor risk management.
- OCC (US Office of the Comptroller of the Currency)
- SOC II
FRSecure uses SecurityStudio for vendor risk management. This software platform employs S2Vendor to measure and manage the security risk of an organization’s vendors.
We follow a process that includes:
- Identifying vendors
- Implementing policies and procedures
- Internal departments identifying and classifying vendors
- Self-assessments collected
- Facilitated risk assessments conducted
- Validated risk assessments conducted
We offer three different levels of vendor risk management services depending on your needs and the number of vendors. Contact us for a custom quote.
We use a straightforward scoring system to break down vendor risk, removing uncertainty from the VRM process.
This allows us to easily understand and communicate any weak points at all levels so you can be confident your organization will meet DoL requirements