Gartner Research

Formalize Vendor Risk Management Practices to Lessen the Probability of Business Disruption

Published: 14 March 2019

ID: G00381591

Analyst(s): Christopher Ambrose , Joanne Spencer

Summary

Failure to implement a comprehensive IT vendor risk management program increases potential business disruption. IT sourcing, procurement and vendor management leaders looking to improve their maturity for managing vendor risks must take a life cycle approach to reducing residual vendor risks.

Table Of Contents
  • Key Challenges

Introduction

Analysis

  • Align IT Vendor Risk Management With Information Security and Enterprise Risk Management
  • Identify and Prioritize the Most Important Threats and Risks
  • Develop Risk-Tiering Models That Prioritize Risk Management Activities
    • Example 1 — Risk-Tiering Based on a Vendor’s Access to or Control of Sensitive Data
    • Example 2 — Risk-Tiering Based on Criticality of a Business Process Managed or Supported by a Vendor
  • Implement Your Risk Control Action Plan

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