Explaining the importance of managing and mitigating vendor risk

An enterprise will need to assess risk whenever significant business changes are undertaken. There are many activities that will require an enterprise risk to be evaluated. A large enterprise may be engaged in outsourcing services to third-party vendors, often cloud-based. Maybe the enterprise will consider a merger or acquisition with a company operating within a different regulated industry.

There are many examples of attacks that have been launched, exploiting supply chains, often relying on a lack of visibility on the part of the enterprise. It is important to assess all risks that may be present when we work with third parties. When performing vendor assessments, we need to ensure they meet the expected levels of compliance required by the enterprise. To ensure a vendor meets the expectations of the business, we may audit the vendor or use third-party assessments. The following topics should be considered during...