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.

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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.

Knowledge Wrap Video

The event provided a vibrant platform for reconnecting with peers, delving into AI transformation, and driving innovation with purpose. Read on to discover how NewRocket made its mark at Knowledge 2024.

What We Learned

From recent insights gathered, we learned that ServiceNow customers are increasingly receptive to adopting AI solutions and ServiceNow has the tools to embrace that head on. However, there's a gap in AI use-cases for more mature users, highlighting the need for a creative approach to accommodate their business needs.

In navigating AI adoption, organizations are challenged to find the delicate balance between embracing innovation and avoiding dependency on emerging technologies. Advisory consulting and trusted guidance beyond initial queries spark interest, particularly around AI's impact on operations. Read our AI blog series to learn more about our approach.

Excitement around GenAI is apparent, with most users eager to explore its potential benefits and invest in quick wins. Notably, advanced use cases like process mining are gaining traction. Key solution themes include interest in native mobile applications, Employee Center migration, and the urgent need for enhanced data capabilities.

Recognitions and Awards

ServiceNow Americas Employee Workflow Partner of the Year

The ServiceNow Americas Employee Workflow Partner of the Year award celebrates Partners' exceptional efforts in enhancing employee experiences through innovative collaborations and technology solutions. Learn More.

UK Public Sector Partner of the Year Award

The ServiceNow UK Public Sector Partner of the Year underscores  Partners' dedication to driving digital transformation and delivering exceptional outcomes for public sector organizations in the UK. Partnership for Good Grant

The Partnership for Good Grant highlights Partners' commitment to leveraging technology for social impact and driving positive change in communities around the world. Learn More.

Top 10 Finalist for ServiceNow Best Employee Portal of the Year

ServiceNow's Best Employee Portal of the Year award recognizing Partners' dedication to creating innovative solutions that empower employees and enhance workplace experiences. Learn More.

NewRocket Booth

At ServiceNow's Knowledge 24 event, we connected with 350+ attendees at our booth, showcasing how NewRocket supports organizations on their ServiceNow journey. AI emerged as a key topic, reflecting the growing interest in its potential across businesses. Our strategic advisory approach, FlightPath, aligns technology with business objectives, drawing on our expertise in customer, employee, technology, and security transformation. Plus, we captivated attendees by transforming them into astronauts using AI. See the photo booth results here!

Workshops and Speaking Sessions

Beyond Personas: Developing Holistic Frameworks to Personalize User Solutions

Industry innovation: Consilio’s Transformation Journey on ServiceNow

Dive Into Prototyping to Accelerate Validation With Design Libraries

Make Better Business Decisions by Integrating Risk and Compliance

Participating in ServiceNow's Knowledge sessions and workshops this year was truly enriching. Interacting with customers and partners provided invaluable insights into the future state of ServiceNow and allowed us to have in-depth discussions on how we can collectively offer better experiences across various facets of the platform. From exploring advanced AI integrations to optimizing workflow processes, the conversations were not only enlightening but also inspiring, fueling our commitment to innovation and excellence in the ServiceNow ecosystem. We can't wait to see you next year!

NewRocket Party

Our poolside event at the Capri restaurant in Las Vegas provided a refreshing break from the conference hustle, allowing us to unwind and connect with friends, colleagues, partners, and customers in the cool open air. As the night progressed, we loved creating unforgettable memories and strengthening our bonds within the ServiceNow community.