Top Vendor Contract Terms to Know
Venminder
by Danielle Lafollette
4d ago
Your vendor contract is an invaluable tool for protecting your organization against the various risks that your third parties pose. However, for many, the terminology, language, and nuance within a contract can be confusing, which makes the review and approval process difficult to navigate ..read more
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3 Reasons Why and How to Measure Vendor Performance
Venminder
by
4d ago
It’s a scenario we see all too often. After signing a contract, an organization falls into complacency and fails to monitor or manage its vendors' performance. As a result, the organization is exposed to new and changing risks ..read more
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Understanding and Achieving Vendor Compliance
Venminder
by
1w ago
Vendor compliance plays a huge role in the success or failure of your third-party risk management process. In essence, if your vendor has compliance problems, so too does your organization, especially in the eyes of an auditor or regulatory examiner. However, the term "compliance" is used broadly to cover different concepts. Let's take a closer look at the different types of vendor compliance and the risks associated with each ..read more
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The Benefits of Vendor Risk Profiling
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1w ago
Third-party risk management begins with assessing vendors and understanding their risks. Vendor risk profiling is a great way to manage your third-party vendors and the risks they pose ..read more
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Who Should Own Third-Party Risk Management?
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by
2w ago
Third-party risk management entails multiple interrelated processes and requirements, typically requiring several stakeholders' involvement. After all, no single individual can handle the escalating demands of a third-party risk management program alone. But, who actually owns third-party risk management? It may seem like a complex question, but it can be answered when roles and responsibilities are defined and understood ..read more
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Do You Have the Right Third-Party Risk Management Software Provider? 10 Questions to Ask Yourself
Venminder
by
2w ago
For many organizations, third-party risk management (TPRM) software is a great investment as it helps make the many tasks and demands of an effective third-party risk management program possible. TPRM software offers a wide range of benefits, from streamlining your document collection and review process to aiding contract management and creating a more efficient storage process for all vendor-related documents and information ..read more
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January 2023 Vendor Management News
Venminder
by
3w ago
Stay up-to-date on the latest vendor management news happening this month. Check out the articles below to stay in the know ..read more
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What Are Third-Party Risks?
Venminder
by
3w ago
Whenever you obtain a product or service from a third party, you expose your organization and your customers to what is known as third-party risk. The specific types and amounts of risk present in a third-party engagement will vary greatly depending on the product or service. Identifying and understanding these risks is the first step in managing them ..read more
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Why Third-Party Risk Management Is Important in 2023
Venminder
by
3w ago
The risks associated with third-party relationships seem to increase every year. 2022 was no exception, as cyberattacks soared, supply chain interruptions continued, and many businesses faced economic uncertainty. Despite the risks, relying on third parties products and services remains a key strategy for many organizations, which makes third-party risk management more important than ever as we head into 2023 ..read more
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8 Vendor Risk Management Recommendations to Take Into 2023
Venminder
by
1M ago
In retrospect, 2022 has been a busy year for third-party risk management (TPRM) professionals. While cyberattacks on organizations of all sizes have skyrocketed, a high degree of geopolitical risk has also emerged, leading to new government sanctions and strict regulations to prevent human rights abuses, such as the Uyghur Forced Labor Prevention Act. Businesses everywhere must handle other challenges including prolonged supply chain interruptions, labor shortages, and the work-from-home debate. As if that wasn’t enough, business continuity and vendor financial health continue to be major thi ..read more
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