Managing Vendor Risk with Iceberg and ServiceNow

ServiceNow

The complexity of vendor networks seems to grow with each passing year. While that complexity can be daunting, there are ways that we can handle it while also ensuring the safety and compliance of our organizations.

When we ask ourselves how we can properly and effectively manage vendor risk — or any risk for that matter — one of the most obvious and effective solutions is to ensure that our third-party risk management (TPRM) or vendor risk management (VRM) program is mature and robust.

After you have identified the different types of vendor risk, you can start the process of addressing issues, setting up autonomous processes, touchpoints, and talent to mitigate them quickly and effectively. Here are some things that you can do to ensure that your program is robust and current to any vendors who have recently been onboarded.

Audit your vendors

Audit, audit, audit! Conducting an audit on your vendors and other third-parties should be of paramount importance. Find out things like the data that they need access to and tighten up security to make sure that they aren’t given greater access than is necessary.

Review policies and contracts

Reviewing policies and contracts is one of the best ways to ensure that both parties remain compliant with laws and regulations. This shouldn’t be a one-and-done process, either. Regulations change often which means you should be reviewing vendor contracts intermittently and updating them as needed.

Monitor your vendors

Once all the necessary observations and audits have been made, it’s important to continue to monitor your vendors and other third-parties. Monitoring them closely will allow your organization to respond to any disruption or other challenges quickly to ensure that it has minimal impact on your operations. Vendor management isn’t a set it and forget it program. You will need to keep an eye out for any changes in the market that may affect how your vendors operate and the impact on your business.

Continuously monitoring the state of your vendors is time consuming and introduces a lot of touchpoints — which can often involve a lot of manual processes. But by introducing automated workflows and processes, we can better-optimize our risk management efforts by having the little things taken care of for us — allowing vendor risk, audit and security teams more time to dedicate to high risk or more complicated vendor and third-party risk areas that would benefit from focused attention.

ServiceNow offers all of this and more with their Now Platform, and we’re happy to be an award-winning Global Partner with years of expert experience in vendor risk management. If you’re looking to mature your Vendor Risk Management program, you’ve come to the right place.

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