Proactively Identify and Mitigate Vendor Risk
Promote a collaborative approach to vendor risk management and guard against regulatory, security, operational, and financial risk.
- IT priorities are focused on daily tasks, pushing risk management to secondary importance and diverging from a proactive environment.
- IT leaders are relying on an increasing number of third-party technology vendors and outsourcing key functions to meet the rapid pace of change within IT.
- Risk levels can fluctuate over the course of the partnership, requiring manual process checks and/or automated solutions.
Our Advice
Critical Insight
- Every IT vendor carries risks that have business implications. These legal, financial, security, and operational risks could inhibit business continuity and IT can鈥檛 wait until an issue arises to act.
- Making intelligent decisions about risks without knowing what their financial impact will be is difficult. Risk impact must be quantified.
- You don鈥檛 know what you don鈥檛 know, and what you don鈥檛 know, can hurt you. To find hidden risks, you must use a structured risk identification method.
Impact and Result
- A thorough risk assessment in the selection phase is your first line of defense. If you follow the principles of vendor risk management, you can mitigate collateral losses following an adverse event.
- Make a conscious decision whether to accept the risk based on time, priority, and impact. Spend the required time to correctly identify and enact defined vendor management processes that determine spend categories and appropriately evaluate potential and preferred suppliers. Ensure you accurately assess the partnership potential.
- Take a proactive stance against IT threats and vulnerabilities by identifying and assessing IT鈥檚 most significant risks before they happen.
About Info-Tech
91制片厂 is the world鈥檚 fastest-growing information technology research and advisory company, proudly serving over 30,000 IT professionals.
We produce unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. We partner closely with IT teams to provide everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
What Is a Blueprint?
A blueprint is designed to be a roadmap, containing a methodology and the tools and templates you need to solve your IT problems.
Each blueprint can be accompanied by a Guided Implementation that provides you access to our world-class analysts to help you get through the project.
Need Extra Help?
Speak With An Analyst
Get the help you need in this 3-phase advisory process. You'll receive 4 touchpoints with our researchers, all included in your membership.
Guided Implementation 1: Review vendor risk fundamentals and establish governance
- Call 1: Review vendor risk fundamentals
- Call 2: Establish a risk governance framework
Guided Implementation 2: Assess vendor risk and define your response strategy
- Call 1: Assess vendor risk and define your response strategy
Guided Implementation 3: Monitor, communicate, and improve vendor risk process
- Call 1: Monitor, communicate, and improve vendor risk process
Contributors
- Daniel J. Enneking, Founder, Strategic Procurement Partners
- Donald H. Hopkins, Adjunct Assistant Professor, Wright State University in the College of Business
- Deepak Bansal, Director Vendor Performance Relationship, Management, Willis Towers Watson
- Steve Jeffery, First Vice President Strategic Sourcing, SunTrust
Looking at Risk in a New Light: The Six Pillars of Vendor Risk Management
Manage Exponential Value Relationships
Jump Start Your Vendor Management Initiative
Capture and Market the ROI of Your VMO
Cut Cost Through Effective IT Category Planning
Design and 91制片厂 an Effective Contract Lifecycle Management Process
Maximize Value From Your Value-Added Reseller (VAR)
Drive Successful Sourcing Outcomes With a Robust RFP Process
Reduce Risk With Rock-Solid Service-Level Agreements
Slash Spending by Optimizing Your Software Maintenance and Support
Identify and Manage Financial Risk Impacts on Your Organization
Identify and Manage Strategic Risk Impacts on Your Organization
Identify and Manage Reputational Risk Impacts on Your Organization
Identify and Manage Security Risk Impacts on Your Organization
Evaluate Your Vendor Account Team to Optimize Vendor Relations
Elevate Your Vendor Management Initiative
Prepare for Negotiations More Effectively
Implement Your Negotiation Strategy More Effectively
Evaluate and Learn From Your Negotiation Sessions More Effectively
Proactively Identify and Mitigate Vendor Risk
Master the Public Cloud IaaS Acquisition Models
Essentials of Vendor Management for Small Business
Identify and Manage Regulatory and Compliance Risk Impacts on Your Organization
Identify and Manage Operational Risk Impacts on Your Organization
Don鈥檛 Allow Software Licensing to Derail Your M&A
Identify and Reduce Agile Contract Risk
Improve Your Statements of Work to Hold Your Vendors Accountable
Understand Common IT Contract Provisions to Negotiate More Effectively
Master Contract Review and Negotiation for Software Agreements
Master the MSA for Your Managed Services Providers
Negotiate SaaS Agreements That Are Built to Last
Establish a Vendor Management Roadmap to Succeed With Autonomous Technologies
Price Benchmarking & Negotiation
Stop Wasting Time Evaluating Commoditized Products and Services
Ensure Business Alignment in Managed Service Agreements
Comparing Software Practices in Maturing IT
Run IT By the Numbers
Transform IT, Transform Everything
The Race to Develop Talent
91制片厂ing Info-Tech鈥檚 Chatbot
Assessing the AI Ecosystem
Sync or Sink: Aligning IT and HR for the Future of Work
91制片厂ing the Road to Governing Digital Intelligence
Bring AI Out of the Shadows
The AI Vendor Landscape in IT
IT Spend and Staffing Benchmarking鈥�
An Operational Framework for Rolling Out AI