Vendor Management

What is it 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.  A Vendor Management program requires the evaluation, tracking and measuring of third-party risk. By assessing the impact of the relationship on all aspects of the business and by 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 a Vendor Management Program

At TrustCloud, a set of controls has been created to help implement a Vendor Management program. Review each article below for a deep dive on those controls.