Assessing Vendor Risk: A Deeper Dive

Conducting vendor risk assessments is crucial for managing risks associated with third-party vendors. Still, it can seem like a daunting task for many organizations. To ensure its effectiveness, it’s essential to understand the different types and levels of risks the product or service can present and if the product or service (and third-party relationship) will be critical to your organization. So, what should be involved in a vendor risk assessment? What types of risks should you consider and what can you do to mitigate them? 

In this session, we’ll explore the process of completing a vendor risk assessment from start to finish. We’ll look at common risk categories and types, including geopolitical and concentration risk, and how each risk category impacts your organization and the vendor risk assessment. We'll also explain the role of vendor criticality in a vendor risk assessment. By the end of this session, you’ll better understand how to conduct a vendor risk assessment and its importance in managing third-party risks.  

Watch now to learn: 

• Common categories and types of inherent vendor risk 
• Identifying vendor criticality and how it differs from inherent risk 
• How to perform a vendor risk assessment from start to finish 
• Determining residual vendor risk and risk handling techniques 
• Key takeaways