Why is Vendor Risk Management Important?
Engaging third-party vendors for the provision of goods and services is not a new concept, so why has vendor risk management become so important? Vendor risk management is important because managing vendor risk is foundational to cybersecurity, ensuring business continuity and maintaining regulatory compliance. A robust vendor risk management (VRM) program can help organizations under their vendor risk profile and mitigate third-party and fourth-party risk rather than relying on incident response.