vendor risk management

Vendor risk management is the process of identifying, assessing, and overseeing the potential risks associated with working with third-party suppliers or service providers. It ensures that these vendors deliver quality, comply with regulations, and do not pose security or operational threats to your organization. By managing vendor risks, a company protects itself from disruptions, financial loss, and reputational damage caused by issues like data breaches, poor service, or non-compliance. Essentially, it’s a structured approach to ensure that partnerships with external vendors support the company's goals safely and reliably.