Vendor Risk Management Best Practices

Table of contents

  1. Keep an accurate vendor inventory
  2. Create a vendor assessment process
  3. Continuously monitor and assess individual vendors
  4. Define vendor performance metrics
  5. Monitor fourth-party vendors
  6. Plan for the worst case scenario
  7. Form a dedicated VRM committee
  8. Communicate constantly
  9. How UpGuard can help scale your vendor risk management program

1. Keep an accurate vendor inventory

2. Create a vendor assessment process

3. Continuously monitor and assess individual vendors

4. Define vendor performance metrics

5. Monitor fourth-party vendors

  • Remediation efforts
  • Total risk exposure
  • Provider selection processes

6. Plan for the worst case scenario

7. Form a dedicated VRM committee

8. Communicate constantly

9. How UpGuard can help scale your vendor risk management program

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