avigating the vendor risk management space, particularly in the current environment that consists of a mix of cloud, managed services, and critical supply chain, is key to ensuring that you don’t inadvertently introduce new risks through this dynamic channel.
As a result CORL Technologies, which specialize in tech-enabled managed services for vendor risk management, is launching a resource center focused on vendor risk management that will include blogs, educational webinars, and podcasts. The resource center will be updated weekly and will be available on demand.
Cliff Baker, CEO of CORL Technologies, said, “We see a paradigm shift currently underway for the migration of critical business functions to third-party and cloud-based platforms. The ability to get visibility into third-party data supply chains and their respective security and compliance postures will soon become the paramount mandate for information security and risk programs.”
In the same announcement, Baker states that “effective security and compliance programs of the next decade must quickly adjust their orientation towards the oversight and protection of downstream vendors and systems responsible for critical business functions.”
The shortage of personal protective equipment required during the COVID-19 pandemic is a top-of-mind recent example of critical supply chain risk. Beyond mere capacity issues, other serious downstream risks such as natural disasters, shipping disruptions, and industrial fires can critically impact your supply chain. Couple these incumbent risks with vendor compliance and security program maturity of vendors and their related third parties, and the perspective on corporate risk management sees a vast shift. Identifying, measuring, and remediating the gamut of potential vendor or third-party risks requires new metrics, methods, tools, and oversight.Out of sight should not mean out of mind, at least not for the enterprise risk leader.