Venture Lynk recently attended the GFMI conference on Third Party Risk Management and learned about the latest issues confronting vendor management around the world. Here were some of our key takeaways:
- While questionnaires continue to be the standard most companies rely on to assess risk, having the tools to validate those responses and truly appreciate and react to those risks remains elusive for most companies.
- Situational risk reviews are gaining prominence within multiple industries to try and address risks in real time, but this is complicated by limits on available resources and existing regulatory requirements.
- Risks from subcontractors and how to manage that risk is complicated by contractual relationships which many companies worry is a hidden risk.
- How can companies deal with legacy vendors and engage in active monitoring, and not rely on old risk requirements or passive annual reviews given the ever-growing risks coming from unexpected sources such as the Solar Winds hack and the global pandemic?
At Venture Lynk, we don't empower our clients to just check a box, we empower clients to elevate their game and take third party risk management to the next level.
Venture Lynk helps validate responses and propose our own questions to pick through a vendor's responses to ask critical follow-up and keep the vendor honest. Our team helps deal with the regulatory requirements so you can focus your resources on training, decision making, and performing ad-hoc reviews.
Venture Lynk also offers cybersecurity monitoring so you can keep an eye on your third, fourth and "n-th" party vendors. Knowing how your vendors vet their vendors can tell you a lot about how they operate.
Lastly, Venture Lynk can help your company use Active Monitoring to truly monitor what is going on with your vendors and protect your company's interests by conducting financial, business, cyber, public records, and information security reviews tailored to your standards.
Sound interesting? Schedule a call with us and we can walk you through what we can do for you.