Vendor management is the process of identifying, assessing, managing, and monitoring the risks associated with your vendor relationships. The products and services provided by vendors vary, as do the types, and amounts of risks they bring to your organization and its customers, and effective vendor management helps your organizations avoid serious cyberattacks and data breaches, maintain regulatory compliance, and protect your reputation.
Vendor management is also a regulatory requirement for many industries and organizations, so requirements have shaped today's vendor management best practices, even for non-regulated industries. One of the most important vendor management practices for any organization is to follow the vendor risk management lifecycle which can guide you through the three stages of a vendor relationship and the necessary steps and activities to complete along the way.
The stakes are high, and vendor management is more important than ever. Watch this informative session to learn the essentials of vendor management.
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