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Vendor Risk Management

Manage financial, compliance, due diligence, and litigation checks on suppliers to fool-proof your business

Get managed services to handle vendor risk assessment and monitoring. From onboarding vendors to collecting evidence to secure your business- leave your vendor risk lifecycle management on us and focus on what matters more.

The Catalyst Service from Netrika comes with

  Data and disclosure collection from suppliers

  Monitors critical and strategic suppliers

  Fast-track vendor onboarding with the best turnaround rate

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Vendor Risk Management

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Our Experts

Sanjay Kaushik
Sanjay Kaushik

Managing Director

CFE, CII, FCIISCM, CATS, CCPS, CFAP

Sanjay Kaushik
Salil Kapoor

Associate Director - Cyber Security

Vendor Risk Assessment And Vendor Risk Management

A comprehensive review of potential hazards that providers may present is termed Vendor Risk Assessment. This analysis considers elements like the nature of services rendered, the level of access to private details, and how critical their role is to corporate procedures. By evaluating these aspects, organizations can ascertain the overall hazard tied to a provider, enabling well-informed decisions and carrying out targeted risk-minimization strategies to ensure the protection and integrity of their commercial networks.

Third Party Due diligence

When it comes to vendor involvement, due diligence include thorough background checks and assessments. Vendor adherence to strict security and compliance standards is ensured by this approach. Organizations can mitigate the risks connected with a relationship by making informed judgments by carefully examining a vendor's history, policies, and compliance with regulations. By building a foundation of trust and dependability between parties and lowering the possibility of security and compliance issues later on, effective due diligence serves as a preventive step.

Agreements Under Contract

In vendor interactions, contractual agreements are essential for defining security and GDPR compliance. SLAs, terms, and contracts that are well-written set standards, define security procedures, and require compliance with web application security guidelines and VAPT testing.

These legal documents guarantee a safe and law-abiding cooperation by making duties and penalties clear. They maintain the integrity of operations as essential components of cyber security management, particularly for companies that place a high priority on cyber security measures.

Regulatory Compliance

Sticking to the rules is what Regulatory Compliance is about, ensuring vendors follow important industry guidelines and standards such as GDPR, DPDP, along with other data safety and privacy requirements. This dedication guarantees vendors comply with the law, protect delicate data, and uphold the strongest standards of data protection and privacy. This reduces chances of non-compliance penalties and helps build trust.

Monitoring and Auditing

Keeping a watchful eye and conducting consistent checks are about setting up persistent monitoring and routine reviews to assess and verify vendor's adherence to security policies and contractual terms. This forward-looking strategy assures that vendors regularly stick to directed standards, offering organizations immediate insights and confirming the potency of security protocols.

Netrika stands out in keeping watchful supervision and quickly handling any changes. This re-sponsibility boosts responsibility and keeps security rules and contract duties strong, making sure of toughness against dangers in a safe and rule-following business surrounding.

Training and Awareness

In order to reduce the possibility of errors made by staff, supplier team members must receive thorough training on safety procedures and policies. This proactive plan helps the company become completely resistant to potential cyber threats by promoting a culture of security awareness and enabling vendors to understand and adhere to defined procedures.

Through its careful Training and Awareness initiatives, Netrika ensures that vendor personnel are aware of security guidelines. Our tailored approach reduces human error while precisely protecting your business from online dangers.

Our Solutions

Netrika offers a comprehensive array of services. From in-depth reporting and vendor profiling to performance assessments, product sampling, and vendor audits, we provide a holistic approach. Our expertise ensures meticulous coverage, offering tailored solutions to fortify your operations, enhance performance, and maintain a secure and compliant business environment.

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Process We Follow

  • Identify all types of vendors
  • Analysing the risk associated with respect to outsourcing with vendors/third parties/business partners
  • Classify the vendors based on their risk exposure to the organisation
  • Create an effective vendor management framework
  • Create an effective vendor management framework
  • Assess supplier contractual arrangements
  • Identify all relevant compliance requirements and document how they are being met
  • Conduct onsite review of the vendors
  • Report gaps and recommend remedial measures to close the gaps
  • Regularly assess and monitor the effectiveness of vendor programs
What we offer
  • Data with integrity.
  • Our methodologies reflect a strict adherence to industry-recognized standards. Moreover, we deliver one of the highest educations and employment verification rates in the industry.
  • We design products and services that adapt proactively to current and future needs for screening.
  • Compliance-driven Strategies Risk mitigation is a crucial component for successful recruitment when developing the brand.
  • Fast Turnaround Times: To help customers make decisions even faster, we deliver real-time results as they are available, accelerate communications between third parties, and can leverage candidate-provided documentation where appropriate.
  • Global Reach: With today’s globalized workforce, it’s essential that your background check company be able to procure candidate background information from around the world.
  • 100 Years of cumulative Experience You Can Rely On.
  • Member of PBSA- Professional Background Screening Association.
FAQs

Vendor risk management (VRM) is aimed at preventing business disruption, financial loss, and reputational harm from third-party goods, IT suppliers, and service providers by monitoring risks.

It depends on the plan you devise to categorise your suppliers based on their criticality, establish thresholds for acceptable levels of risk and decide how you’ll constantly check on your suppliers’ security postures.

Vendor risk management is crucial since it enables companies to make sure they aren’t working with vendors who provide an unacceptable level of risk. Businesses can more readily identify, evaluate, and implement controls to limit risks by putting in place a vendor risk management framework.

The different types of vendor risk assessment are financial risks, operational risks, legal risks and reputational risks. 

Vendor risk management program addresses future risks, ensures that the quality of service is not compromised, costs are reduced, service availability is improved, and financial & operational efficiencies are improved.

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Accreditations & Affiliations

Forensic Interview Solutions
PBSA
ASIRS
NASSCOM
SECONA
CERTIN EMPANLLED
CII
Global E2C
Association of Certified Fraud Examiners
ASIS International
International Trademark Association
SHRM
APDI
ACACAP
Institue of Directors
SEBI
BPG
Award 2024
Award 2023
India IP award 2022
India IP award 2021
Entreprenuer of the Year Award 2020
Business Protection Award 2019
Cobra Award 2019
Business Sphere Award 2018
Fraud Investigator of the Year Award
Award for Outstanding Contribution in Risk Management
Security Project Design of the Year
FSAI