Large corporations typically have hundreds if not thousands of vendors providing a myriad of different services for a multitude of different business units. Identifying which ones pose a great amount of risk to your organization (and which ones are barely worth a second look) often proves difficult. In addition, PCI-DSS, HIPAA, GLBA and other regulations require vetting of these 3rd party vendors. To manage this problem, existing governance, risk, and compliance efforts must extend to vendor risk management practices. And yet, traditional assessment methods are arduous, expensive, and unscalable. Interactive Security’s Vendor Management solution streamlines this process, allowing you to better manage your vendors and expend fewer resources doing so.
For most organizations Vendor Management is a largely manual process, administered through spreadsheets and consuming large amounts of man-hours. The result: most enterprises carry too much risk across their vendor portfolio. Interactive Security’s Vendor Management solution simplifies and automates the third party vendor management process, while simultaneously providing greater vendor visibility.
Because Vendor Risk involves many repetitive tasks, Interactive Security has found that the process works best when large parts of it are automated. Vendor Management can be used to centralize all vendor data and easily filter out the ones, which pose the greatest potential risk. Because PCI, GLBA, HIPAA and other regulations mandate the management of 3rd party vendor risk, we can identify upfront entities that will be collecting data covered by each regulation, and provide simple reporting on vendors covered by each.
Most importantly, Vendor Management can manage the painful, time-consuming process of following up with your vendors on remediation items or outstanding questions. Interactive Security can keep in contact with these vendors, pulling in subject matter experts where necessary on remediation plans, and providing updates to your own internal vendor tracking.
- Vendor Management lets you review ALL of your high risk vendors
- Vendor Management automates the risk based audit and assessment process, reducing the typical constraints imposed by traditional methods of assessing external vendors
- Vendor Management frees up expensive internal resources for other projects
Interactive Security has been a pioneer in the vendor management space, working on the early shared vendor assessment program, as well as developing a Compliance program to keep ongoing vendors in check. Interactive Security already handles vendor management for clients including Fortune 500 banks, regional energy producers, retailers, and large law firms.
Are you wondering about Interactive Security’s vendor management services? Contact the Interactive Security team at 267-824-2500 or firstname.lastname@example.org. We can help you understand the specific steps your organization needs to take to get up to date.