Vendor risk assessment can be a lot of work, especially for businesses that have a large portfolio of vendors. It requires back-and-forth communication not just with third parties, but also fourth parties as you evaluate what information is accessible, how that information is handled, whether or not the necessary controls are being followed, etc.
Though it’s a process that requires significant time to do properly, performing vendor risk assessment in Minneapolis is non-negotiable. Every business is well-aware with the massive breach that Minnesota-based Target experienced in 2013.
The source of this breach: a third-party vendor.
With so much communication and data being exchanged between numerous companies across different industries, it’s easy to overlook a potential weak-point in your supply-chain.
Ignyte’s Vendor Risk Management module changes that.
Our software places all vendor audits, assessments, profiles, and regulations in a single, easy-to-navigate dashboard. Everything is highly customizable and completely scalable, growing with your business’s needs.
Despite its deep functionality, Ignyte is incredibly intuitive and user friendly, enabling you and your employees to start assessing risk without a lengthy training process.
When it comes to vendor risk management, Minneapolis companies can trust in Ignyte. Of course, third and fourth party risk is just one of the features of our powerful platform.
Schedule a demo today and see what Ignyte can do for you.On-Going Vendor Risk Assessment for Minneapolis Businesses
Companies inevitably change over time. A business that was once a dependable vendor may experience troubles that significantly increase the risk of dealing with them. That’s why, for your more important third-party vendors, an initial risk assessment isn’t enough.
You need on-going, risk monitoring.
Ignyte offers the ability to track primary vendors in real time, feeding updates and warnings right into your dashboard. From there, you can reassess them and make the necessary adjustments to how you do business with them.
Keeping Up with Industry Regulations
When you’re dealing with confidential or high-risk information, everyone has standards and regulations to follow. These rules don’t just apply to how your company handles your data, but how your vendors access and store it.
Following proper regulations and industry standards is paramount to vendor risk management in Minnesota.
Between state, federal, and industry demands, keeping up with all the necessary regulations can be difficult, but Ignyte melts away those difficulties. Tracking things manually, i.e., your audit process, can lead to missing something. Our software comes pre-loaded with virtually every major standard, regulation, and framework, which automates those stagnant, manual processes.
Simply select the ones that apply to your vendors and ensure they meet the necessary criteria.
Bringing Vendors to Your Level
Ignyte not only simplifies risk assessment on your end, but it makes it easier for your vendors to handle their responsibilities. Within your dashboard, you’re able to send access to the necessary vendors. Once they’ve been added to your system, you can assign them responsibilities, such as filling out risk assessment forms.
From their side, accessing and using the platform is incredibly straightforward.
With Ignyte’s Vendor Risk Management module, all assessments are handled within a controlled, secure environment that meets all of the necessary compliance standards.
Reducing Third-Party Risk in Minneapolis and Beyond
Third-parties are one of the primary causes for hacks and data breaches across the world, not to mention fourth-parties. But they don’t have to be a problem for your business. With proper vendor risk assessment, Minneapolis companies can protect themselves, their employees, and their customers.
Don’t make third and fourth party risk management more difficult than it needs to be. Switch to Ignyte and see how simple cybersecurity can be. And if you’re still curious on this topic, take a look at our previous blog post on vendor risk management.