Vendor Risk Assessments &Third-Party Due Diligence
Ease the burden of managing vendor risk with our comprehensive suite of managed services, providing expert-led vendor due diligence and risk remediation support for your business.
Leave the Heavy Lifting of Vendor Risk Assessments to Us
Vendor Centric provides the people, processes, and technology you need to manage vendor risk smartly and cost-effectively. Our outsourced vendor management solution serves as an extension of your team, managing the entire vendor risk assessment and due diligence process on your behalf. We dive deep to identify risks and provide tailored risk remediation strategies, giving you the support and confidence you need to get third-party risks under control.
Partner with Vendor Centric to ease the burden of vendor assessments and secure your organization’s operations and reputation.
The Value of Working with Vendor Centric
Expertise
From vendor risk assessments to risk remediation, we provide a comprehensive team of subject matter experts to ensure you have everything covered.
Process
Our technology-enabled and process-driven approach accelerates the third-party vendor risk assessment process, getting risk assessments completed 35% faster.
Confidence
With our experts by your side, you have peace of mind that critical third-party risks are identified and remediated, protecting your operations and your reputation.
Given the urgency of strengthening supplier risk management, we needed an advisor with proven expertise in third-party risk management, and knowledge of our industry regulations to ensure we would have a best-in-class operation to carry us forward for years to come. I am grateful to the team at Vendor Centric for being that advisor and helping us successfully complete this important initiative.
Our Approach
Step 1
Success Planning
We start by understanding your current third-party risk operations and priorities, aligning your risk management stakeholders, and laying the groundwork for a successful relationship.
Step 2
Onboarding
Next, we follow a process-driven onboarding process to tailor the vendor risk assessment process, configure technology and integrate our team into your vendor management operations.
Step 3
Risk Assessment & Remediation Management
Once onboarding is complete, we manage the vendor risk assessment and due diligence process on your behalf. Our team ensures third-party risk management activities are executed consistently, and risks are being identified and remediated.
Step 4
Risk Reviews & Continuous Improvement
Through ongoing risk reviews, you have full visibility into your ongoing risk posture. We provide best practice recommendations for reducing third-party risk and continuously improving your vendor risk management processes.
Step 5
Risk Administration
Finally, our support extends to the ongoing administration of your risk management infrastructure. We administer your third-party risk software, and ensure your team is continually staffed and scalable to meet day-to-day operational needs.
Transforming LGA’s Vendor Risk Management Operations from Vision to Value
Navigating a pivotal compliance deadline mandated by the New York Department of Financial Services (NYDFS), Legal & General America (LGA) was in urgent need of a sophisticated third-party vendor management solution to comply with NYDFS cybersecurity regulations. Opting for Vendor Centric over a ‘Big 4 Firm’ for our specialized expertise and commitment to meeting their critical deadlines, LGA found the immediate support they needed.
Our partnership enabled LGA to meet its critical deadline and execute on a multi-year roadmap to expand and mature its operations. This ongoing collaboration has led to the creation of a robust, scalable, and value-driven third-party vendor management program, enhancing LGA’s resilience and operational success in facing regulatory challenges.
Ready to Learn More?
Discover how our vendor risk assessment and due diligence services provide the expertise, scale and speed you need to manage third-party risks consistently and cost-effectively.
Frequently Asked Questions
Our standard vendor risk managed service package includes the following:
- Assessment Administration: We manage the distribution and collection of due diligence questionnaires and required documentation, ensuring vendors provide complete and timely information.
- Third-Party Due Diligence: Our subject matter experts perform an extensive review of questionnaire responses and source documents to uncover residual risks, and follow-up directly with vendors to clarify information, when required.
- Risk Analysis: We then evaluate each residual risk to determine the potential impact to your organization, prioritizing each risk and highlighting those requiring special attention.
- Tailored Risk Remediation Strategies: Once our analysis is complete, we summarize our assessment into a third-party risk report that includes actionable vendor risk mitigation strategies to tackle identified risks effectively.
Yes. We align our vendor managed services to your specific needs, while always ensuring they follow our process-driven approach and managed service best practices. This balance ensures consistent quality, while also aligning with your organization’s unique needs.
Our risk-based approach ensures due diligence is aligned to your risk priorities and appetite. We tailor the risk assessment to your specific needs, incorporating some or all of the following risk domains:
- Operational Risks
- Cybersecurity Risks
- Financial Risks
- Strategic Risks
- Reputational Risks
- Compliance Risks
- Transactional Risks
Yes, you receive access to a fully configured TPRM software platform. This ensures consistency and scalability in your vendor risk assessment process, and enables collaboration and transparency to provide you with the oversight you need.
We provide a full suite of vendor management services that cover third-party risk, procurement and contract management operations. Related services include:
- Operational Assessments: Streamlining and maturing all aspects of your vendor management operations, including risk monitoring, procurement, contracting, and purchase-to-pay processes.
- Policy and Procedure Development: Refreshing and documenting policies and procedures to ensure they are modern, efficient and compliant.
- Staff Training Programs: Establishing training programs that equip your staff with the necessary knowledge and skills for effective third-party risk management.
- Special Projects: Providing additional support when you need it to handle resource constraints and get special projects across the finish line.
Yes, we utilize a standard third-party due diligence questionnaire that we developed, designed to address all key risk domains in a practical and efficient way. We tailor the questionnaire during onboarding, aligning it with your organizational goals and risk appetite.
Our process-driven approach focuses on assessing the probability and consequences of potential risks associated with third-party vendors. This strategy enables us to classify risk accurately and identify the best way to mitigate, eliminate or avoid the risk altogether.
After a thorough risk analysis, we develop personalized risk remediation strategies for each third-party vendor. The strategies provide clear, actionable steps underpinned by expert guidance. We review and refine the strategies with you to ensure they are practical and align with your overall risk appetite.
Our approach ensures that your organization maintains full control over the decision-making process. We provide options and expert consultation on risk remediation strategies, and arm you with the information you need to make informed decisions. The ultimate decision on how to address each risk rests entirely with your team, guaranteeing that the outcomes align with your organization’s specific risk tolerance and objectives.
The primary deliverable included in our outsourced vendor risk management services is a vendor risk assessment report. It is a comprehensive report outlining our findings and recommended remediation strategies for each vendor assessed.
We also provide ongoing risk advisory as part of our monthly risk reviews, assisting you with your third-party risk strategy and continuous improvement.
We offer advisory services as an add-on to our standard managed service package. These services are designed to assist your organization in implementing the risk remediation strategies with your third parties, ensuring a seamless integration of the strategy to execution process.
We offer ongoing third-party risk monitoring as an add-on service. We can provide additional details during a discovery call.
We handle all of the heavy lifting associated with third-party due diligence and risk analysis, freeing up your team to focus on understanding the risks and choosing the best risk remediation strategies.
Our onboarding process typically takes two to three months, dictated mainly by your priorities and availability. This timeline includes the development of a custom playbook built from managed service best practices, software setup and configuration, comprehensive training, and deployment of our team.
We require a minimum one-year commitment. We offer special pricing for longer-term engagements.
Simply book a consultation to discuss your specifics, and we’ll quickly follow up with a customized proposal and cost estimate.