Vendor Risk Management (VRM)
Two way communication and tracking
Organizations that rely heavily on vendors but don’t have sufficient visibility into their vendor networks are exposing themselves to high risks. Understanding vendor risks and managing them effectively are essential to maintaining sustainable businesses and ensuring regulatory compliance. Having a strong Vendor Risk Management (VRM) program helps companies anticipate inherent risks rather than simply reacting to adverse situations and incidents after they occur. Monitoring vendor performance on an ongoing basis utilizing the SIEMLY platform enables organizations to be continually aware of a vendor’s capability to comply with contractual and regulatory obligations.