Whether you’re doing business as an individual or as an organization, security matters. Recent data breaches at Target and Home Depot have made the news in the last couple of years, bringing the issue to the entire nation’s attention.
Data breaches are everyone’s problem, and it’s as important to make sure your data is secure as it is to protect your customers’ data. But if you’re in a heavily regulated industry, it’s that much more important to make sure that the vendors you do business with do their best and utmost to protect your data.
So how can a software solution help you make sure you’re doing business with vendors who take security seriously?
Comprehensive e-procurement software can help with the task of ensuring that you’re dealing with vendors who take steps to protect their customers’ data. It can require that you have processes in place to periodically analyze your vendors so that you can keep up with the latest protocols and policies — and have a record that you’ve done so when audit time rolls around.
Our vendor risk assessment solution is an excellent example of due diligence: When a new supplier is about to come on board, our process makes sure that they present an acceptable risk. Our system uses questionnaires and helps you evaluate risks and assign risk metrics, so you can clearly demonstrate that you’ve met your requirements for auditing any new suppliers you add to your vendor base.
Then, when the new vendor is integrated into your database, the software helps you perform regular maintenance audits — helping you ensure that you keep up with critical information such as the expiration dates for nondisclosure agreements and the financial solvency of the companies you trust as your suppliers.
There are laws in place to protect consumer PII (personally identifiable information) — all those metrics that can be used to distinguish one individual from another or to de-anonymize anonymous data. Businesses must be especially careful that not only their customers’ data, but also their own data, stays safely out of the hands of hackers and that you are able to foresee and avoid problems with vendors that develop problems staying profitable. An effective vendor risk assessment can give you peace of mind and help you dodge nasty surprises while helping you meet your industry’s requirements for vetting new vendors.
If you want to stay on top of the different types of risk then you need to contact us – we have solutions to manage all of the risk profiles – including strategic risk, reputational risk, operational risk, transactional risk, credit risk and lastly compliance risk.
Take a look at our Vendor Risk Management Dashboard to get an insight into what we mean.
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