Congratulations! Over time your business has become more skilled and specialized in certain products, business services, software, and more. To match that growth, you’ve also grown your vendor roster over the years. Unfortunately, adding outside service providers to your workflow can put your compliance and security at risk if you’re not prepared.
So, are you prepared to scale your risk management tools and processes fast enough to ensure your organization can grow without succumbing to outside threats?
ServiceNow found a way to empower every business to reply to that question with a resounding “Yes!” with their Vendor Risk Management (VRM) platform.
Vendor Risk Management provides a centralized process for managing your vendor portfolio and completing the vendor assessment and remediation life cycle. It also integrates with other ServiceNow GRC applications to provide traceability and ensure you’re always in compliance with controls and risks.
In London, the newest ServiceNow release, VRM has taken this promise a step further with a fine-tuned, third-party security score integration and the capability to manage vendors in specified tiers.
To determine potential risk, each vendor’s posture must be measured and monitored daily. ServiceNow’s new and improved security score integration uses third-party score providers including as BitSight Technologies and SecurityScorecard, Inc. to ensure these assessments are as accurate as possible. It also automatically sends assessments to vendors if there is a change in their security score.
While you may have a large number of tactical vendors, it’s likely there are also a few larger, more strategic partnerships upon which you rely. These relationships present a major risk should your partner become non-compliant at any point. This is where Vendor Risk Tiering comes into play.
ServiceNow’s tiering capabilities help you minimize security and compliance breaches by showing you which vendors present the most risk at any given time. With full-configurable automated tiering calculations, your team will always be ready to scale vendor partnerships without putting your business at risk.
Along with precise tiering visibility, the level of continuous vendor monitoring and assessment that ServiceNow provides can greatly reduce your risk of a security breach.
If you’re ready to scale up your growth without scaling up your risk, contact Cask to have a team of certified Vendor Risk Management Implementation Specialists create a bespoke solution for you.