For most organizations, measuring vendor risk management is extremely difficult, if not, impossible. That’s because they’re either doing nothing to manage vendor security risk or they are using a method that isn’t conducive to measurement.
Here are a few helpful statistics to measure in any VRM program:
- Overall risk exposure
- Trending of overall risk
- Riskiest vendors both from an operational risk standpoint as well as impact
- Individual vendor trending
- Number of total vendors
- Number of high risk vendors
- Specific areas that are a significant risk across multiple vendors
Your VRM program should be reportable. Most C-suites or boards would like an update at some frequency on both the overall security program but also the VRM program. Having these types of statistics easily reportable is a huge plus to the information security program in general.
Use statistics like these to keep leadership informed of the current state of the program as well as to justify the need to continue managing 3rd party risk.
SecurityStudio leverages FISASCORE in order to be able to give you all the statistics and reports you need to stay on top of your VRM program. Schedule a demo with us today so see how we can help with your VRM program!