The vendor risk assessment is the lynchpin of every effective third-party risk management program. In theory, the essential components of an assessment are easily determined. However, in practice, the ability to effectively understand and assess third-party controls usually conflicts with the resources available to perform the assessments, and is further handicapped by the need to rapidly conclude assessments so contracts can be finalized and projects begun.
All too often this results in assessments that are performed based on resource availability and time rather than an appropriate review of required security controls.
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