Increased third-party vendor outsourcing, high-profile security breaches and expanding regulatory requirements have made Third-Party Risk Management (TPRM) more urgent than ever. Auditors and examiners are paying closer attention to whether or not your vendors’ technical, physical and administrative controls are being properly assessed.
Are you prepared for a vendor management exam? Or does the prospect raise your blood pressure?
If you’re not ready, now’s the time to prepare. Don’t be reactionary — stay on top of TPRM tasks all year so that there’s no eleventh-hour panic.
The Benefits of Planning Ahead
TPRM is an ongoing process. At any given point, you may be prompted to show your work. Your organization needs to have a clear understanding of vendor breaches, laws and regulations. You also need knowledge of program implementation methodology and the best practices required to build and manage a TPRM program. Most importantly, document everything and make copies.
Some organizations use manually-updated spreadsheets in their TPRM programs. Those, however, may not be effective enough for regulatory scrutiny. A manual program may have missing or inaccurate information. Insufficient data can result in redundancies and the disorganization of a decentralized process.
Your business needs VendorInsight®, a vendor risk management (VRM) solution that can create a standard reporting set configured to your individual business and vendor services. VendorInsight®’s extensive capabilities simplify reporting on and maintaining your TPRM program annually. Robust features and tools spotlight areas of concern with specific vendors. Comprehensive tracking helps identify issues and plan next steps.
VendorInsight® helps with all the prep work required for a regulatory exam. You’ll stay organized, be knowledgeable and have the means to fully cooperate with examiners.
Get ready now rather than later when the exam is looming over your head. Make sure you can quickly and easily access the proper documents and resources when the time comes.
The most powerful way to do this is with VendorInsight®. The best-in-class VRM solution optimizes your vendor oversight and monitoring program with audit and exam support. Request a demo today to learn how VendorInsight® can perform vendor reviews and maintain your records to keep you proactive instead of reactionary.
To learn more best practices to prepare for a vendor management exam, download our checklist.