4 Essential Strategies for Effective Vendor Review

4 Essential Strategies for Effective Vendor Review

What is Vendor Risk Management?

Vendor Risk Management (VRM) involves assessing, monitoring, and mitigating risks presented by third-party vendors to ensure they do not adversely affect the business.

Why Assess Vendor Risk Management?

Assessing VRM is crucial for compliance, safeguarding the company's brand, and managing potential risks arising from third-party relationships.

What is a Vendor Risk Management Program?

A VRM program is a structured approach to evaluate and mitigate third-party risks, ensuring alignment with internal controls and regulatory compliance.

Want a VRM Program That Works? Follow These Four Principles

  1. Identify potential vendor risks.
  2. Develop effective strategies for addressing higher-risk vendors.
  3. Align vendor control environments with your internal framework.
  4. Implement ongoing oversight utilizing metrics and external alerts.

Contact Us

For more information on effective vendor risk management, visit VendorReview.com

Contact us at [email protected] or call us at 314-216-7171
11756 Borman Dr, St. Louis, MO 63146