What measures do you take to ensure the vendor risk assessment is accurate and up to date?
Define and document vendor risk assessment criteria: Clearly define and document the criteria used to assess the risks associated with vendors in order to ensure that the assessment process is consistent and accurate.
Evaluate vendor due diligence: Perform due diligence on vendors to identify any potential risks associated with them and their services.
Monitor changes in the vendor’s environment: Regularly monitor changes in the vendor’s environment, such as changes in personnel, technology, and business practices.
Review vendor contracts: Review vendor contracts to ensure that the terms and conditions reflect the risk assessment and are up to date.
Conduct periodic reviews of vendors: Periodically review vendors to ensure that their services and practices are meeting the criteria set out in the risk assessment.
Maintain records of assessments: Maintain records of the risk assessments in order to easily track changes over time.
Last updated