Reduce the risk while dealing with contractors, vendors, partners, service providers or any of the third parties that you find yourself dealing with in business.
Vetzu helps you manage and control the risks, using state-of-the-art and up-to-date TPRM (Third-party Risk Management), allowing your efforts to be directed towards running a successful business.
Develop a contingency plan for potential disruptions and maintain regular reviews of partner performance. Stay updated on industry standards and regulatory changes to adapt your risk management strategies.
By following these practices, you can safeguard your business and enhance its success in managing third-party risks.
Assigning each third party an inherent risk score can be used to efficiently categorize and prioritize vendors. When giving each vendor a risk score, Vetzu can assess them by reflecting on the following:
1. Does the vendor have access to proprietary or confidential business information?
2. Does Vetzu share personal data with the vendor?
3. Does Vetzu share sensitive personal data with the vendor?
4. Does Vetzu share personal data across borders?
5. Does the vendor serve a critical business function/s?
The impact is another significant factor that can be used to categorize vendors. Consider the following when assessing a vendor's impact on Vetzu:
1. The impact of unauthorized disclosure of information
2. The impact of unauthorized modification or destruction of information
3. The impact of disruption of access to the vendor/information