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Vendor Management Needs Assessment

Building the Business Case for Your Third-Party Risk Management Program

Answer these questions to help determine how impactful a well-designed vendor management program would be for your business.

How valuable is a mature third-party risk management program to your business?

Our business would face significant impacts if we did not identify risks and analyze them in a timely and effective manner

Yes

A third-party vendor/supplier failure would drastically impact our business financially and reduce the ability to provide core products and services

Yes

Our organization experiences challenges in ensuring and/or reporting that our vendors/suppliers meet applicable regulations and compliance requirements

Yes

Our industry has frequently changing regulations and compliance standards that require continuous monitoring and control testing

Yes

How would you assess your third-party risk management process?

We spend too much time on administrative tasks, such as gathering information for vendor/supplier onboarding and communicating risks

Yes

We are pressured to pull resources from other areas of the business to complete third-party vendor/supplier management activities

Yes

We don't have an automated process for gathering risk and compliance information

Yes

We experience frequent business challenges due to unidentified and unmitigated risks within our business

Yes

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<5 Yes

Low

Not Recommended

5-7 Yes

Moderate

Selectively Invest

8-10 Yes

Moderate High

Invest

>10 Yes

High

Immediately Invest

Connect with ViClarity today to learn how an easy-to-use vendor management technology solution can reduce manual work, save you time and costs, and – most importantly – help identify and control your third-party risks.

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