Understand the difference between inherent vs residual vendor risk in VRM. Learn how controls reduce cyber risk and make smarter third-party risk decisions with Frigg experts.
To be compliant with a Vendor Risk Management (VRM) framework, a company must impose clear, enforceable restrictions and requirements on vendors. These controls reduce cybersecurity, legal, and operational risk and are typically embedded in policies, contracts, and technical controls.
Vendor Risk Management (VRM), also known as Third-Party Risk Management (TPRM), is the process by which an organization identifies, assesses, manages, and monitors risks arising from its relationships with external vendors, suppliers, and service providers, particularly cybersecurity risks.
Cybersecurity is not an issue that impacts only business giants. Nobody is safe from the bad actors of the dark web ― government departments, financial and healthcare institutions, small businesses, individuals, non-profit organizations, even professionals working from home ― anyone and everyone is fair game for hackers and other online threats.
