Vendor Risk Management

Daniel Purba

(0)

Starting at

/hr

About this service

Summary

The offering is based on my years of experience working in one of the biggest consulting firms in the world, advising enterprises on managing their risk from a third party.

It does make sense for large enterprises to pay through the consulting firm, but small and medium enterprises may not need a sophisticated assessment and hence do not require a giant budget to get their vendor risk management up and running.

Process

identify the risk domain that you wish to assess. It would be better if your enteprise have defined the internal policy about that domain so we know already "the minimum standard" that your vendor must carry.

identify the key points to be assessed from requested risk domains and the possible responses with the risk score.

simulate the result to ensure the risk score align with your expectation

FAQs

What is vendor risk assessment questionniare
A vendor risk questionnaire is a set of questions a company asks its suppliers to understand potential risks associated with their services. The answers help the company assess and manage potential risks in its supply chain.
Why use a risk score vendor questionnaire?
To efficiently assess and prioritize vendor risks, aiding in strategic decision-making and resource allocation
How does it enhance vendor selection?
It streamlines evaluation, ensuring informed choices based on quantifiable risk factors.
Does it aid ongoing monitoring?
Yes, by providing a dynamic tool to continuously assess and adapt to changing vendor risk landscapes.
Can it support compliance and regulations?
Yes, however I do not have knowledge on all country-specific regulations for each domain, you need to highlight to me if there is a need for a specific question. The best way is to always look into your respective risk domain's internal policy. If you are required to adhere, so does your vendor.
What's the role in vendor relationship management?
It strengthens relationships by proactively addressing risks, fostering resilience, and promoting transparency.
How does it align with overall risk strategy?
It integrates seamlessly, enhancing the effectiveness of broader risk management initiatives to your vendor as your extended enterprise.

What's included

Vendor risk questionnaire
Empower Your Confidence: Unleash Success with a Risk Score-based Vendor Questionnaire – Elevate Partnerships, Minimize Risks! The questionnaire will be in an excel form, where it will be used as a self assessment to your vendor risk(s) and it will generate a risk score at the end of the exercise
Vendor risk management policy
Fortify Partnerships, Minimize Risks: Our Risk Score Policy Redefines Vendor Management, Ensuring a Secure Path to Success! The policy will be done in a word file, it will be developed jointly based on your input on your existing process and your enterprise risk appetite.

Skills and tools

Advisor