Bring Order to the Chaos of Vendor Risk Management
LockPath’s Keylight® platform enhances an organization’s Vendor Risk Management: it’s ability to assess, identify and remediate third-party risks.
Third parties are extensions of an organization and their actions can have a direct impact on compliance efforts and brand reputation. Regulators are increasing their focus on potential third-party risks. To comply, organizations must identify third-party risks, verify that business partners and their employees are compliant, monitor for changes that might create new risks, and manage the investigation and remediation of incidents. This requires companies to survey, assess, and follow-up with dozens, hundreds or even thousands of third parties, and take action against those not in compliance.
Organizations have many choices of Vendor Risk Management (VRM) tools to help them manage, measure, and report against vendor and third-party related risk. These tools should include the capabilities to identify, classify, monitor and recommend risk mitigation to support business operations and regulatory requirements.
But not all solutions are created equal. An effective VRM solution should provide the following functionality:
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