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Third Party Vendor Risk Management

01.

Inventory and Categorization

Vendor Identification: Maintain a comprehensive inventory of all third-party vendors and service providers with whom the organization has a relationship.

Categorization: Classify vendors based on the nature and criticality of the services they provide to prioritize risk assessments.

02.

Compliance Verification

Regulatory Compliance: Ensure that third-party vendors comply with relevant industry regulations and standards. This may include data protection laws, financial regulations, or industry-specific compliance requirements.

03.

Contractual Agreements

Security Contractual Requirements: Establish clear and comprehensive contractual agreements that outline the security expectations and requirements for vendors.

 

Service Level Agreements (SLAs): Define performance expectations, including security-related SLAs, to hold vendors accountable for meeting specified standards.

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