Vendor Risk Management
Your vendors' risk is your risk.
Evaluate third-party security posture, manage vendor questionnaires, and build a program to monitor ongoing vendor risk.
Overview
Your security is only as strong as your weakest vendor. Vendor Risk Management helps you understand and manage the security posture of the third parties who access your data and systems. We build programs that scale—from evaluating critical vendors to establishing ongoing monitoring that doesn't consume your entire team's time.
Our Approach
Effective vendor risk management balances thoroughness with practicality. We help you focus resources on vendors that matter while maintaining appropriate oversight of the rest.
Vendor Inventory
Catalog all vendors with access to your data, systems, or facilities. Most organizations are surprised by how many third parties they actually rely on.
Risk Tiering
Classify vendors by criticality and data sensitivity. Tier 1 vendors with access to sensitive data get deep assessments. Tier 3 vendors with minimal access get lighter review.
Assessment Framework
Develop questionnaires and evaluation criteria appropriate for each tier. We balance comprehensiveness with vendor cooperation—overly burdensome questionnaires get ignored.
Critical Vendor Deep Dives
For your most important vendors, we conduct thorough assessments—reviewing SOC 2 reports, penetration test results, policies, and security practices.
Risk Scoring & Documentation
Score vendors consistently using defined criteria. Document findings, residual risks, and any compensating controls required.
Contract Review
Ensure vendor contracts include appropriate security requirements, audit rights, breach notification clauses, and liability provisions.
Ongoing Monitoring Program
Establish reassessment schedules, continuous monitoring mechanisms, and triggers for ad-hoc reviews (like vendor breaches or major changes).
Common Questions
How many vendors should we assess?
Focus on vendors with access to sensitive data or critical systems. A tiered approach lets you deeply assess 10-20 critical vendors while maintaining lighter oversight of the rest. Quality over quantity.
What if a vendor won't complete our questionnaire?
Some vendors, especially large ones, won't complete custom questionnaires. We help you evaluate using their SOC 2 reports, security certifications, and published policies instead. If they won't provide anything, that's a red flag worth discussing.
How do you handle vendor SOC 2 reports?
We read them properly—not just checking that one exists. We review the scope, exceptions, complementary user entity controls, and any noted findings. A SOC 2 report can reveal significant issues if you know what to look for.
Should we reassess vendors annually?
Critical vendors should be reassessed at least annually. Mid-tier vendors every 2-3 years. Also reassess after significant changes—vendor acquisitions, breaches, or major service changes should trigger review.
Other Virtual CISO Options
Security Program Development
Build or mature your security program with frameworks, policies, and roadmaps tailored to your business objectives and risk tolerance.
Board & Executive Reporting
Translate technical risk into business terms. We prepare and deliver security updates that resonate with leadership and board members.
Compliance Guidance
Navigate HIPAA, PCI-DSS, SOC 2, NIST, and other frameworks with expert guidance on controls, evidence collection, and audit preparation.
Incident Response Planning
Develop and test incident response plans so your team knows exactly what to do when—not if—a security event occurs.
Ready to Strengthen Your Defenses?
Schedule a free consultation with our security experts to discuss your organization's needs.
Or call us directly at (445) 273-2873