As organizations experience an ever increasing need to push their Information Technology programs to be better, faster, and more flexible, they have begun blending traditional outsourcing with cloud-based solutions to enhance and manage parts of their business.
This outsourcing of critical services and data can complicate an organization’s ability to effectively manage the security and compliance of their critical assets. For example, organizations do not always perform the due diligence necessary to ensure requirements are properly defined. This includes evaluating whether or not critical contract language has been implemented in order to properly govern the service level agreements and security requirements.
The big question is, “how do I ensure that vendors who manage outsourced business functions maintain the security and contractual requirements outlined in their contracts?” The answer: A robust Vendor Risk Management Program (VRM).
This paper will focus on tips to be used when building your Vendor Risk Management Program.