When an organization works with third-party vendors, it is left vulnerable to various risks such as security breaches, business interruption, reputational damage caused by vendors’ non-compliance with regulation and industry standards, and more.
Organizations should conduct a vendor risk assessment periodically to identify and evaluate the risks and hazards of working with a third-party vendor to prevent those from happening.
Vendor risk assessment comprises multiple steps starting from identifying the right vendors for your organization, evaluating vendor contracts, performing on-site audits, assessing their readiness through questionnaires, and so on.
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