Vendor Risk Management

Third-party risk assessments, vendor due diligence, supply chain risk, onboarding procedures, and ongoing vendor monitoring.

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About Vendor Risk Management Discussions

Discuss third-party risk management programs, vendor due diligence processes, and supplier risk assessment frameworks. Professionals share practical advice on building TPRM programs from scratch, conducting vendor risk assessments, and managing ongoing vendor monitoring.

All Discussions

1 Upvotes

1 1 reply

What's the minimum you should do for vendor risk assessments as a small team?

by Olivia Cheng · 2 hours ago

0 Upvotes

3 3 replies

Answered

Building a third-party risk management program from scratch

by LexFlag Team · 1 month ago

Frequently Asked Questions

This category covers building third-party risk management programmes, conducting vendor due diligence, creating risk assessment questionnaires, ongoing monitoring of vendor relationships, managing concentration risk, handling fourth-party (sub-contractor) risk, and aligning TPRM with regulatory expectations. Members share frameworks, templates, and lessons learned from programme implementations.

Community members recommend starting with a vendor inventory and risk-tiering exercise, then establishing due diligence requirements proportional to each tier. Key steps discussed include defining your risk assessment questionnaire, setting contractual requirements for security and compliance, building an onboarding workflow, and establishing ongoing monitoring cadences. Several threads share sample programme charters and governance structures.

Discussions highlight key areas including information security controls, business continuity and disaster recovery, regulatory compliance status, financial stability, data privacy practices, subcontractor management, incident response capabilities, and insurance coverage. Members recommend risk-tiering your questionnaire so critical vendors receive more detailed assessments while low-risk vendors complete a streamlined version.

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