Vendor Management

What is vendor management, and why is it important?

Vendor management is the process of ensuring that the use of service providers and Information Technology (IT) suppliers does not create an unacceptable potential risk for business disruption or a negative impact on business performance. It requires the evaluation, tracking, and measurement of third-party risk. By assessing the impact of the relationship on all aspects of the business and developing compensating controls, the impact on the business can be lessened.

A formal vendor management process is essential because it plays a huge role in selecting vendors that complement and streamline business activities. The vendors must be managed effectively to ensure that the services are delivered as expected. A neglected vendor risk can create business disruption and negatively impact performance.

How do I implement it?

At TrustCloud, a set of controls has been created to help implement a Vendor Management program. Review each article below to learn more about these controls.