What is Vendor Risk Management?
Vendor Risk Management: Vendor Risk Management (VRM) is the process of identifying, assessing, monitoring, and mitigating the cybersecurity and operational risks introduced by third-party vendors, suppliers, and partners.
Vendor Risk Management Explained in Detail
Organisations rely on dozens to hundreds of third-party vendors, each of which may have access to sensitive data or critical systems. A breach at any vendor can cascade into the organisation itself.
VRM Lifecycle
- Due diligence: Security questionnaires, SOC 2 reports, and pen test results before onboarding.
- Risk scoring: Quantify risk based on data access, criticality, and security posture.
- Continuous monitoring: Track changes in vendor security posture, breach notifications, and compliance status.
- Off-boarding: Revoke access and verify data deletion when relationships end.
How Hunto AI Helps with Vendor Risk Management
Explore the autonomous AI agents that address vendor risk management challenges.