What are Challenges People Faced During Vendor Risk Management?
Your organization handles all business processes with dozens or hundreds of third parties. Some have your company's IP and sensitive customer data. Do you know who these critical vendors are? Have you made sure that they're able to protect valuable information from sophisticated threat actors? Here, vendor risk management comes to your rescue. But after getting the best vendor, you have to do company vendor registration for your safety. Here, we will understand people's different challenges during vendor risk management. Challenges People Face During Vendor Risk Management Vendor selection Finding and choosing the best vendors can be difficult, particularly when considering compliance, quality, cost, and reliability. Extensive study and evaluation are necessary to identify vendors who share the goals and values of the organization. Vendor due diligence Thorough due diligence on possible vendors might take a lot of time and resources. Compiling and validating data regarding