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What is a vendor management policy?
A vendor management policy is an important component of an organization’s larger compliance risk management strategy. It is a best practice for any organization that works with sensitive data and customers’ personally identifiable information (PII) to develop a policy to review all vendors — each third-party, contractor, or associate with whom an organization does business — and to establish requirements for the level of information security that vendors should maintain. As an organization outsources to a wider ecosystem of vendors and partners, its risk increases.
A vendor management policy, developed and overseen by a cross-company team, will help an organization evaluate its current vendors according to level of risk, and to assess potential new vendors for adherence to appropriate cybersecurity practices. A successful vendor management policy will also establish processes for the continuous monitoring of third-party and fourth-party service providers to ensure their ongoing adherence to an appropriate level of security.
Organizations maintaining a vendor management policy may have a particular interest in working with vendors who meet security requirements such as SOC 2 compliance.
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Watch this on-demand demo to learn how Vanta’s Vendor Risk Management solution automates and streamlines security reviews so that you can spend less time on repetitive work and more time strengthening your security posture.
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