One of the challenges of third-party risk management is effectively managing large portfolios of vendors. Your business may have hundreds, even thousands of vendors, each used differently and presenting different kinds of information security risks. To help organize and manage your vendors, UpGuard VendorRisk uses a common pattern found in email clients such as Gmail. You can organize your vendors in the way that makes sense to you using labels.
Adding labels to your vendors can be accomplished in just a few clicks. Select vendors from the list, choose a label, and then click "Apply." This flexibility allows vendor risk managers to easily use cross-cutting organizational principles. You can label vendors by the kind of service they provide, the internal department responsible for their budget, or by the types of data they handle.
Every business is different, so labels are easy to customize to your needs. Select any vendors to which you want to apply the label, enter the label text, and you're done.
Those labels can then be used to easily filter long lists of vendors, enabling effective management and reporting.
Labelling and filtering your vendors seamlessly integrates with the rest of UpGuard VendorRisk's capabilities, streamlining your vendor risk management process.
After labeling and filtering your vendors, the risk score helps your team identify the vendors most at risk of a security breach. The detailed vendor reports provide information on the vectors to which those vendors are exposed, and the technical steps they can take to improve their resilience.
You can also issue automated security questionnaires for additional due diligence. These close the loop by requesting attestations from your vendors on internal controls that cannot be assessed externally.