Mitigating Third-Party Risks: A Comprehensive Guide to Vendor Risk Management

In today's increasingly interconnected business environment where organizations rely on numerous third-party vendors for critical products and services, vendor risk management has been a key focus area. This session discusses a step-by-step approach to establishing a comprehensive vendor risk management program, covering key components such as vendor identification and classification, risk assessment, due diligence, contract negotiation, monitoring, and ongoing review. Throughout the discussion, the focus is on practical, actionable steps that organizations can take to mitigate third-party risks and ensure the security of their operations.