Vendor Risk Management (VRM) deals with the management and monitoring of risks resulting from third-party vendors and suppliers of information technology (IT) products and services.
Vendor Risk Management Framework is a critical tool for reducing the likelihood that a vendor issue could result in catastrophic financial, legal, or reputational damage.
Benefits of Vendor Risk Management –
1. Addressing future risks takes less time and fewer resources
2. Accountability for both the company and vendor is understood
3. The quality of your services isn’t damaged
4. Costs are reduced where possible
5. Availability of your services is an improvement
6. You can focus on your core business function
7. Operational and financial efficiencies are secured
8. Risk is reduced as long as everyone follows the plan
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