Outsourced Third-party services come with their share of risk. They often present varying levels of risk to an organization they associate with or to the organizations they provide services. While at times the risk could be almost insignificant, at times there are chances that it could also possibly hold a huge risk to the organization. So, businesses often conduct a third-party risk assessment to determine such associated risks. Vendor Third-Party Risk Assessment is a technical process of evaluating such risks associated with outsourcing services to a third party. The assessment helps you gauge the level of risk associated with third-party services. The findings of the assessment will help you evaluate and factor in all considerations when it comes to outsourcing a particular product or service to a third party. Such assessment findings and reports are crucial for organizations to take strategic business decisions. The Vendor Third-party Risk Assessment helps determine specific areas of risk that you may want to monitor. VISTA InfoSec offers Vendor Third-Party Risk Assessment for such organizations looking to make an informed decision on outsourcing services.
Our experienced team of advisors and assessors sits with your team to discuss, analyze, and define the objectives of performing Vendor Third-Party Risk Assessment.
Prior to evaluating the third-party vendors, we understand your business and the reasons for hiring a vendor and discuss with your team to explain all the types of risks you could face when entering into a business agreement.
Together with your team, our assessors determine the risk criteria based on which we assess your vendors for the specific service. We develop risk criteria for your third-party assessments and set format and scoring criteria for every evaluation.
In collaboration with your team, we gather information relevant to the assessment goals before conducting the risk assessment.
We conduct thorough vendor third-party risk assessments which involve assessing the vendor as a company and assessing the service you intend to avail from them.
If required based on the TRM requirements we also review the SLAs to verify whether vendors perform as expected.
We conduct a complete analysis of risks identified during the assessment to determine the impact on your business.
Based on the risk findings and analysis we determine and classify the level of risks as high, medium, or low-risk based on your risk criteria.
We identify risks, and provide you with a detailed report compiling the summary of the assessment, list risks identified, the potential impact of the risk, and score them based on their severity.
We verify whether the vendors are compliant with various regulatory requirements and standards that they must meet for your organization to consider outsourcing.
The third-party vendors are service providers or suppliers, or business associates that you work with during the course of your business.
The Vendor Third-Party Risk Assessment involves evaluating the third-party service provider’s service quality, security measures, and compliance status before embarking on a business relationship with them. This is to ensure their services, security norms, and standards that are in line with your organization's security policies and requirements.
Organizations looking to outsource critical services and/or a segment of operations to the third-party vendors will need to perform Vendor Third-party Risk Assessments. This is to identify the potential risk exposure in collaborating with the vendors and to make an informed decision.
The vendor third-party risk assessment is conducted to ensure that the vendor you collaborate with is reliable and that the services offered will meet your organization's expectations and requirements.
Vendor risk assessment criteria should support your business goals, ethics, and meet the technical competence, quality, security and integrity, and cultural commitments. Assessing vendors involve reviewing those criteria that impact and matter the most to your business. This would include identifying and classifying risks, compliance status, assessing their reliability, quality of services and security implementations, and reviewing SLA’s to name a few.