Effective Supplier Risk Management Under NIST SP 800-53
While NIST SP 800-53’s security and privacy controls were initially designed for federal information systems and organizations, businesses in the private sector often build their risk management programs in accordance with NIST. These controls apply to internal operations and extend to supplier risk management.
Pursuant to NIST SP 800-53, organizations must plan supplier risk management and implement it across business lines or units. OneTrust Vendorpedia enables supplier risk management at scale with NIST templated assessments, built-in controls, automated workflows, ongoing monitoring through the Global Risk Exchange, and audit-ready reporting.
Supplier risk assessments are a significant piece of NIST SP 800-53. The publication highlights documentation standards, and standards for updating assessments as changes occur in the supply chain. OneTrust Vendorpedia has controls built into the NIST SP 800-53 supplier risk assessment template, enabling automated risk flagging to understand the likelihood and magnitude of potential harm. After identifying risks, your organization can gain a holistic view of all your suppliers’ risks in a single register. Use the register to track risks mitigation over time with treatment plans, risk timelines, and custom workflows.
NIST SP 800-53 includes controls that outline the importance of handling, reporting, and responding to incidents. The OneTrust Vendorpedia Global Risk Exchange aggregates all-source intelligence into a single repository, which includes up-to-date inherent risk details on thousands of suppliers. OneTrust DataGuidance adds its intelligence into the exchange to alert organizations when their suppliers experience enforcement actions or breaches.
Privacy is a critical aspect of NIST SP 800-53. The guidelines include controls for tracking data flows that involve transmission of personally identifiable information (PII). With Vendorpedia, your organization can meet its privacy obligations with data mapping functionality, as well as maintain records for all processes throughout the supply chain. Additionally, Vendorpedia helps identify the implementation of proper privacy controls throughout the supply chain and track data sharing with suppliers.
Is your organization refining its supply chain risk management program?
Supply Chain Risk Management with OneTrust Vendorpedia
Leverage Vendorpedia’s assessment experts who work directly with your suppliers to streamline questionnaire completion
Access aggregated research from public and private sources, as well as pre-completed assessments in a single exchange
Configure supplier termination checklists, collect evidence, and execute offboarding operations with automated workflows