The 3 best practices for effective Vendor Governance and Risk Management.
Welcome to Part 2 in our series of white papers on Operational and Cyber Resilience. Over the next few months, we will introduce 6 core and interrelated components of Operational and Cyber Resilience that we believe are essential to the development of a resilient organisation. These 6 components consist of: Business Continuity Management, Enterprise Risk Management, Vendor Governance, Incident Management and Cyber Resillience and Training. Through this series of white papers, we would also like to reemphasise our belief here at Alyne that building a resilient business requires an organisation-wide approach that integrates technology with the processes and people that use it. Resilience is as much technology as it is the people and the processes.
Operational & Cyber Resilience: Part 2 - Vendor Governance and Risk Management.
Working with any third party vendor or supplier carries an inherent risk. Across industries today, organisations are faced with a two-fold challenge when it comes to managing third-party vendors and suppliers: increasingly stringent regulatory standards on one hand and a simultaneous increase in the complexity of supply chains and delivery models on the other. Ensuring that vendors and suppliers stay compliant is thus becoming especially important for businesses trying to minimise risk and achieve greater value by obtaining transparency and standardisation in their processes.
We chose to focus on the risk management section of vendor governance for a few reasons. Apart from being essential to maintaining operational and cyber resilience in any organisation, effective vendor risk management is also required by many of the main industry standards such as ISO 27001, NIST C2M2 and COBIT 5. At the same time, vendors might also process or have access to some of your organisation’s most sensitive data and it is therefore absolutely crucial to know how to approach assessing such vendors’ information security maturity effectively and regularly.
Get in touch with us at [email protected] to learn more about how Alyne can assist you with effective Vendor Governance and help to achieve greater Operational and Cyber Resilience across your organisation.
Download Part 1: BCM