Risk Assessments

Welcome to the Risk Assessments Community. Here you will find the latest discussions and resources that can help you in this area. Use this community to discuss anything about doing vendor risk assessments. Note: You will need to Sign In to join in the discussions and access resources. 

About Third Party Risk Assessments: The risk assessment process is a fundamental foundation of a well-managed third party risk program. A disciplined approach and repeatable process can lay a firm basis for better informed due diligence, structured ongoing monitoring and meaningful impact in mitigating concerns introduced by your organization's third parties. Taking it a step further, understanding how to mitigate inherent vendor risk is crucial to determining if the benefits of the outsourced product or service outweigh the risk posed.

Latest Discussion Posts

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    RE: Small Vendor Security assessments

    By: Robert Warja , 2 days ago

    I'm curious as to what even defines "smaller vendors" in your world? Are you referring to yearly spend and if so, would you mind sharing what that amount is? We use $5,000 as our first threshold. Thanks, Bob Sent from my Verizon, ... More

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    Small Vendor Security assessments

    By: Anonymous Member , 2 days ago

    This message was posted by a user wishing to remain anonymous ​​We use a questionnaire with close to 100 for our security risk assessments. Its quite an exhaustive list for our smaller vendors. Some of our critical vendors are 5 men shops and don't ... More

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    Quantitative Risk Models

    By: Anonymous Member , 12 days ago

    This message was posted by a user wishing to remain anonymous We use a qualitative risk model to support our Vendor Management Program (VMP) today. There are various benefits to this but we are considering the use of a quantitative model as well to ... More

    2 people like this.
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    Activity Level Risk Assessment

    By: Summer Dobbins , 13 days ago

    We are working on beefing up our enterprise level risk management. That includes working on risk assessing ACTIVITIES versus just the vendor/product. Does anybody else assess risk at an activity level with an actual answered assessment? More

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    RE: Risk Rating

    By: Laura Bylo , 21 days ago

    We rate Vendors as Critical, High, Medium, Low; or Excluded and perform a "full review." The full review consists of a comment from the Vendor Owner, speaking to their satisfaction with the vendor and their products / services; a Review Questionnaire ... More

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    2 months ago
    Hi Everyone,   With the COVID-19 pandemic upon us, organizations are implementing their pandemic plans, many employees are working remotely and changes in vendor management are rapidly occurring. In the industry, it has raised lot of questions about pandemic planning and best practices and reminds ... More

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    8 months ago
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