Four keys to creating a vendor risk management program that works

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      <subfield code="a"> A vendor risk management program is a formal way to evaluate, track and measure third-party risk; to assess its impact on all aspects of your business; and to develop compensating controls or other forms of mitigation to lessen the impact on your business if something should happen. A program of this nature gives you consistency for managing your vendors and a way to share information about them within your organization. Whether your VRM program is manual or automated, homegrown or offtheshelf, the important thing is that it reflects and enforces your internal controls framework, ensures your compliance with government or industry regulations, and achieves consistency with all of your vendors.</subfield>
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