Conduct comprehensive risk assessments of third-party vendors, including evaluating their information security practices, operational capabilities, and compliance with legal and regulatory requirements
Perform due diligence on prospective and existing vendors, ensuring they meet the organizations standards for security, privacy, and business continuity.
Continuously monitor third-party risk exposure and create regular reports on the risk status of vendors. Identify and escalate potential issues to management.
Review and manage vendor contracts, ensuring that appropriate risk management clauses and service-level agreements (SLAs) are in place.
Collaborate with internal stakeholders and vendors to develop and implement risk mitigation strategies. Recommend corrective actions or improvement plans for third-party vendors with identified risks
Assist in the development and maintenance of third-party risk management policies, procedures, and frameworks in alignment with industry best practices and regulatory requirements.
Work closely with internal teams (e. g. , Legal, Procurement, Compliance, IT Security) to ensure a unified approach to third-party risk management
Ensure compliance with relevant regulations, standards, and guidelines (e. g. , GDPR, ISO 27001, NIST, PCI-DSS) related to third-party risk management.
Conduct periodic vendor audits to verify compliance with contractual obligations and organizational policies
Assist in the investigation and resolution of third-party risk incidents, including data breaches or service disruptions.
