In the complex financial services industry, third-party service providers play a critical role in operations, but can also introduce various risks to your business as they may have access to customer data or provide infrastructure vital to the continuity of your business.
InnReg’s vendor risk management program provides proactive measures to help identify, assess, and mitigate these risks, supporting business continuity and regulatory compliance. At a high level, the program establishes an evaluation, review, and approval process and rules for vendors’ access to company information, their key responsibilities, and the protection of company assets and data.
How It Works
Benefits
Robust Vendor Risk Management Practices
By implementing robust risk management practices, you can enhance trust, protect sensitive data, and maintain business resilience in the face of evolving threats.
Enhance Risk Awareness
Gain a comprehensive understanding of vendor-related risks, allowing for proactive risk management and mitigation.
Comply with Regulations
Seek to comply with regulatory requirements and industry standards, reducing the risk of penalties and reputational damage.
Operate Efficiently
Streamline vendor management processes, reduce disruptions, and optimize resource allocation for improved operational efficiency.
Can you customize the vendor risk management program to suit our industry requirements?
How often should vendor risk assessments be conducted?
How does your program address emerging risks and regulatory changes?
How does your program address ongoing vendor monitoring?
Eager to protect your business from vendor-related risks? Contact us today to learn more about our vendor risk management program and schedule a consultation with our compliance experts.