The Key To A Strong Vendor Risk Management Program Is A Solid Foundation

Vendor risk is just one of the many facets required of a strong risk management program and should be paid equal attention.

December 5, 2021

Vendor risk is just one of the many facets required of a strong risk management program and should be paid equal attention. But due to its disconnected nature from the core of the organization, it can be difficult to demonstrate the criticality of a strong vendor risk management program to leadership, much less to know where to start when implementing or strengthening a program. Frequently, teams will spend a lot of time defining a program and trying to make it perfect. However, perfect is the enemy of good in this case and the plan rarely survives contact with reality.

The NewRocket Rapid Delivery IRM: Vendor Risk program can help your organization build a solid foundation for a vendor risk management program. Instead of asking you “what are your requirements?”, we focus the program on leveraging recommendations from industry experts and practitioners through a proven methodology that will roll out your program in just 8 to 10 weeks.

When making the case to leadership for why your organization should implement or mature the vendor risk management program, it can be helpful to frame the implementation of the program into small bite-sized projects to help drive executive buy-in. Using our standardized methodology will also allow you to gain early insights to how the program is performing and provide quick wins.

The NewRocket Rapid Delivery IRM: Vendor Risk program can help you do just that. The program aids organizations get their Vendor Risk Management program live in the ServiceNow platform in just 8 to 10 weeks. Our 15 years of experience in risk and security deployments has allowed us to create a truly reliable program by implementing a structured methodology designed to help your organization achieve quick wins throughout the entire roll-out.

Here are some of the things you can look forward to when taking advantage of our approach:

  • Predictable outcomes
  • Leveraging a proven methodology
  • Recognizing value quickly and cost effectively
  • Establishing the foundations for maturity

Out of the staggering 59% of organizations who have experienced data-breaches via a third-party, only 16% of those same organizations were effective at mitigating that risk. Further, the cost of failing to properly evaluate and manage vendor and third-party risk has been estimated to be some $13,000,000 on average.

Organizations understand the risk that is involved when doing business with third-party vendors, but they still lack the resources or drive to implement and maintain mitigation strategies — which could turn out to be a costly oversight. Our Rapid Delivery IRM program for Vendor Risk will set your organization up for success and make sure that you have the knowledge, expertise, and resources that you need to maintain it.

It should be of paramount importance to have a mature vendor risk management program in place, and our Rapid Delivery program for Vendor Risk can help you get a proper program up and running in less time and for a much lower price-point than a traditional tailored system — driving executive buy-in. Rapid Delivery also allows you to see tangible outcomes throughout the implementation process and provides achievable milestones, so you can track its success.

To learn more about NewRocket Rapid Delivery: Vendor Risk and our other Rapid Delivery programs, visit our website. Still have questions? One of our experts will be happy to assist you. Get in touch with us here.

Want to work with us?

We're passionate about ServiceNow and love driving value for our clients. Simply fill out this form, we'll be in touch!

Want to Learn More? Talk to an Expert
Contact Us