A new way to proactively manage third-party risk: Vendor Risk Management

Businesses are using more SaaS applications than ever, with an average of 110 apps per organization. This proliferation of third-party applications means increasingly more customer and employee data is handled by external vendors. 

‍

Ensuring your third-party vendors are secure by tracking risk, conducting reviews, and responding to issues is a security best practice and compliance requirement. Unfortunately, this process is often a manual — and expensive — one. 

‍

Vanta is changing that. 

‍

Today we’re excited to introduce our new Vendor Risk Management solution, which lets you automate vendor discovery, risk assessment, and remediation — so you can spend less time on third-party vendor security reviews and more time on strategic security initiatives. 

‍

‍

A single source of truth for assessing and reducing third-party risk

Vendor Risk Management expands the capabilities of our leading Trust Management Platform, helping security professionals proactively identify and assess third-party risk, streamline security reviews, and quickly remediate issues — all from the same tool they use for security and compliance. 

‍

With Vendor Risk Management, the process can be done in hours instead of weeks, with cost savings of over 90%. Here’s how it works. 

‍

‍

Automatically discover vendors

Inventorying the vendors used across your company is typically tedious and time-consuming, requiring dozens of conversations with team members and lengthy spreadsheets. Vendor Risk Management simplifies the process by automatically discovering applications used across your organization, including non-approved vendors, via Vanta’s pre-built integrations. 

‍

‍

‍

‍

Assess and identify vendor risk

Vendor Risk Management automatically assigns risk levels to each vendor using a built-in rubric that incorporates access to sensitive data and key infrastructure, business criticality, and other signals. This removes inconsistency and subjectivity from risk scoring to make it easier to identify and prioritize vendor reviews — including those that may not need to be reviewed as often or at all. If you have your own risk definitions, you can modify the rubric to match your custom risk levels. 

‍

‍

‍

‍

Streamline vendor security reviews

Vendor Risk Management gives you a centralized workspace for tracking security reviews, as well as automated workflows for contacting vendors to receive security documentation. Review, comment on, and approve individual vendor risk all in one place. If a vendor is a Vanta or Trustpage customer, their Trust Report will automatically be pulled into the review. 

‍

‍

‍

‍

Exceed — and demonstrate — your security commitments

While vendor security is typically siloed and disconnected from other programs, Vendor Risk Management is integrated into Vanta’s Trust Management Platform, giving you end-to-end capabilities for monitoring and managing your security, compliance, and risk processes. For instance, you can use Vendor Risk Management seamlessly with Access Reviews to ensure that only the right users have access to crucial systems. 

‍

"Using Vendor Risk Management with Vanta's Access Reviews product makes it really easy for me to make sure only the right users have access to our most critical vendors. With Vanta, I can see myself saving hours of repetitive work each week while strengthening our security posture."  - Stanislaw Malec, Information Security Analyst at Techstars

‍

Vendor Risk Management is now available. To learn more, request a demo today.

‍