Duration: 50 Minutes
Presenter: Steven Minsky, CEO of LogicManager, Inc.
In today’s interconnected business world, virtually every company relies on third parties to provide critical services or software to their business. It’s essential to highlight that while your company may outsource processes, it cannot outsource the risk associated with such processes. You must have an effective vendor risk management program that protects your company and your customers from unacceptable negative impacts from third parties.
Instituting and utilizing a framework system that exposes and accounts for those risks is imperative when trying to avoid third party disasters. From identifying your vendors and their inherent risks to monitoring their controls, there’s a lot of information to account for. So, where should you start?
In this webinar, we will look at actions you can take that will help streamline your vendor management process, with consideration for associated risks. We will present cases of recent third-party risk management failures, and dive into the 5 steps needed to ensure your vendor management processes are secure.
- Identify and organize your third-party vendors
- Establish a standard criterion for assessing vendor risks
- Ensure legal contracts reflect the appropriate vendor services
- Create relationships and dependencies to provide an integrated view