Third-Party Risk Exchanges: Are Your Vendors Safe to Do Business With?
Understanding if your vendors are safe to do business with is a complex and time-consuming process. Vendor assessments are frequently too long, answers are difficult to find, and stakeholder collaboration is notoriously challenging. On top of this, organizations are working in disparate tools like spreadsheets and email.
When we think about each of these components, we seek to not only make the assessment process faster for businesses onboarding a new vendor, but we must also streamline this process for the vendor. Meet the OneTrust Vendorpedia Third-Party Risk Exchange.
Watch the full session: Vendorpedia Third-Party Risk Exchange: Are Your Vendors Safe to do Business With
What is a Third-Party Risk Exchange?
The OneTrust Vendorpedia Third-Party Risk Exchange is a community of pre-completed vendor risk assessments and due diligence data. The risk exchange enables businesses of all sizes to tap into security, privacy, and compliance details on 70,000+ participating vendors. Through the risk exchange, organizations can easily order pre-completed vendor assessments, while greatly reducing the burden of due diligence.
A third-party risk exchange is essentially a community of shared vendor risk assessments. Vendors make pre-completed and validated third-party risk assessments available through the exchange. Once a vendor undergoes an assessment, they can share it with any other company that wants the same assessment. This ensures vendors responding to assessments never start from scratch, while making the process faster for those doing the assessing.
What are the Benefits of a Third-Party Risk Exchange?
- Faster Turnaround Times: Assessments in the exchange are pre-completed and on-demand, so your business can drive rapid decisions around vendor selection, renewal, and SLA terms.
- Evergreen Assessments: Assessments are reviewed and updated on a regular basis, based on reporting from the OneTrust user community.
- Less Work for You and Your Vendors: Businesses can accelerate assessment and remediation requests by crowdsourcing vendor information.
- Utilize Dedicated Agents: A dedicated third-party risk agent will chase assessments, so you are not managing the back-and-forth communication between internal stakeholders and the vendor.
- Bring the Right Stakeholders Together: Ensure that those responsible for sending and responding to assessments are working out of a centralized platform.
- Access Information Beyond Assessments: Through a third-party risk exchange, vendors can not only share assessments, but also, they can share information about their security and privacy programs.
Learn how the OneTrust Vendorpedia Third-Party Risk Exchange can help you determine whether you vendors are safe to do business with by watching to our TrustWeek session: Vendorpedia Third-Party Risk Exchange: Are Your Vendors Safe to do Business With.
Further Third-Party Risk Reading:
- Third-party risk management blog: 5 Best Practices for Third-Party Risk Management
- Read the case study: How a Fortune 500 Automotive Aftermarket Retailer Solves Third-Party Risk Challenges with OneTrust Vendorpedia + BitSight Security Ratings
Next Steps for Third-Party Risk:
- Sign up for the webinar: 7 Ways to Save Time When Answering a Security Questionnaire
- Watch the webinar: First Look: Getting Started with the Free Questionnaire AutoComplete Tool
- Download the report: OneTrust Recognized in Gartner Critical Capabilities for IT Vendor Risk Management Tools for Second Consecutive Year