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Industry: CONSUMER GOODS
Company Size: FORTUNE 500
RESULTS
Reduced time and cost of screening
Enhanced risk management and mitigation
Optimized Processes
Products Used
The Challenge
Augment internal capabilities and workflows
With third-party risk management a key area of focus, the Information Security Group needs to assess the information security posture of its third-party vendors, and provide risk opinions and decisions to its procurement teams. However, with limited team resources and growing vendor requests, this task had become increasingly challenging and time-consuming. The Information Security Group at this Fortune 500 company needed a way to maintain their output level and streamline their processes. They sought out Venminder to help augment their internal capabilities and enhance their existing workflows.
The Solution
Manage vendor risk and reduce workload
This Fortune 500 company chose Venminder as their trusted partner for vendor risk assessments, leveraging two of Venminder’s products: Vendiligence™ and Venmonitor™.
Vendiligence™ is an outsourced service that performs on-demand control assessments on vendors, such as data protection, cybersecurity, financial health, and compliance. Vendiligence™ provides expert analysis and risk ratings on vendors, saving time and resources. The Information Security Group leverages the Control Assessments, in particular the Data Protection Assessment, to confidently weigh threats introduced by vendors and respond to the resulting risks.
Venmonitor™ is a tool that monitors vendors across multiple domains based on open-source data, such as cybersecurity, data privacy, ethics and compliance, and finance. Venmonitor™ helps the Information Security Group gain more visibility and control over their vendor relationships by providing them with snapshot views of their vendors’ risk profiles and alerts on any changes or issues. The Information Security Group leverages Venmonitor™ as part of their procurement and renewal processes with third parties by leveraging the results to trigger additional due diligence activities, such as control assessments, if warranted.
Reduced time and cost of screening
Venmonitor™ enables to more quickly screen vendors across various risk domains to highlight risks and identify areas of focus for deeper due diligence.
Enhanced risk management and mitigation
The Information Security Group can now stay on top of the volume of required vendor due diligence by leveraging Venminder’s on-demand control assessments.
Optimized Processes
The Information Security Group have been able to optimize their processes and spend more time on the strategic decisions rather than chasing vendors and compiling data into assessments.