Know How Leading Companies are Minimizing Risk Exposure by Conducting Vendor Risk Assessment | SpendEdge
The article highlights how vendor risk assessment plays a critical role in vendor vetting and ongoing monitoring processes.
SpendEdge, a well-known procurement intelligence solution provider, has
announced the completion of their latest article on how companies can
successfully conduct
vendor risk assessment. The article highlights how vendor
risk assessment plays a critical role in vendor vetting and ongoing
monitoring processes. It also gives an overview of the best practices
that can be followed by companies to minimize risk exposure.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190426005305/en/
Best practices for conducting a vendor risk assessment. (Graphic: Business Wire)
With the escalating risk exposure, the likelihood of a company facing
fines, penalties, or regulatory red tape has increased manifold.
Non-compliance with the applicable rules and regulations has made it
indispensable for companies to track their risk exposure level. This
requires them to track every aspect of their business, including
vendors. The best practices mentioned in the article will help you to
know the measures that can be taken to minimize risk exposure while
associating with vendors.
Want to minimize risk exposure by conducting vendor risk assessment? Request
a free demo from our experts now!
Best practices for successful vendor risk assessment
Catalog vendors
Cataloging vendors is one of the best practices that companies need to
implement for assessing vendor risks. It helps companies to promulgate
the information about services vendors are providing and the domains
they are serving within the organization. In addition, it helps in
formalizing the approach needed for hiring third parties and vendors.
To know about the practices implemented by leading companies for
cataloging vendors, request
for more information.
Gauge inherent risks
Analyzing the role of a vendor's products or services offers vital
insights about the information vendors will be handling in the company.
This helps in developing vendor profiles and categorizing them on the
basis of the industry while facilitating vendor risk assessment.
Gauging vendor risks can help companies to take proactive measures
and reduce monetary losses. To know how our portfolio of vendor risk
assessment solutions can help you, request
a free proposal.
Conduct on-site audits
To rate vendor relationship based on the practices they follow and the
risk they can pose requires in-depth evaluation of vendors' activities.
Conducting an on-site audit can provide you with crucial information and
help you to address potential risk. On-site audits can also provide
detailed insights about the company and its security measures.
Interested in conducting vendor risk assessment. Talk
to our experts and know how they can assist you with their
customized solutions.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190426005305/en/