Vendor Risk Management Checklist for Small & Mid-Tier Business

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• When it comes to managing vendor risk, small and
  mid-tier organizations often find themselves at a
  disadvantage. For these enterprises, finding the
  balance between staying secure and providing
  efficient service is the difference between
  success and failure.

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• Successful vendor risk management, or VRM, takes
  careful planning and constant vigilance. The good
  news is there are steps that small and mid-tier
  businesses can take to streamline their VRM,
  maintain compliance with government regulations,
  and avoid security threats, which require
  surprisingly little costs or resources.

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• In order to combat the threats your business
  faces, its necessary to know exactly what they
  are. Creating a list of all possible risks your
  business might face from third-party vendors
  hackers, viruses, unsecured or misplaced
  documents, etc. will let you create a plan of
  action for how to combat them.
• Possible Risks
• Creditworthiness
• Cybersecurity
• Past-Performance Analysis
• Legal Issues

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• Once youve identified possible risks, the next
  step is to create a risk management strategy that
  addresses each of them. Prioritizing the greatest
  risks first, research what protections can be put
  in place, and then work to put them in place as
  soon as possible.

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• Having a list of all the third parties your
  business works with isnt enough. All the
  organizations you do business with should be
  classified into tiers according to categories
  such as how much sensitive information they have
  access to.

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• A key part of successfully creating tiered
  classifications is to get a solid understanding
  of each third-party vendors cybersecurity
  health. By requesting partner-businesses provide
  information about their cybersecurity
  capabilities, you will be able to better assess
  how much risk doing business with them exposes
  your organization to.

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• Any contracts your business signs with another
  organization should state in detail what each
  organizations responsibilities are in terms of
  sharing information and data security. If youre
  not sure about an existing contract, have it
  reviewed and discuss any missing or unclear
  details with the other party.

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• For small and mid-tier businesses, managing an
  effective risk management plan and keeping track
  of third-party vendors can consume more resources
  than they have to commit. Aruvios cloud-based
  vendor management software streamlines this
  process by managing, organizing, and mapping up
  all vendors through a common workflow and
  repository, keeping investment in resources and
  costs to a minimum.

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• Aruvio provides businesses with automated,
  easy-to-use compliance and risk governance
  solutions that are designed to meet the needs of
  the productivity-conscious, resource-limited
  small mid-tier businesses.
• For more information, visit aruvio.com.

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Summary

• Successful vendor risk management requires
  businesses to understand all the possible risks
  they face and to create a plan to address all
  vulnerabilities. Here is your vendor risk
  management checklist for small and mid-tier
  businesses.