Vendor Risk: Assessments

Vendor assessments are integral components that serve as the foundation of most third party risk management (TPRM) programs. The insights gained from these assessments serve as a tool to understand security controls and procedures and help to comply with both internal and regulatory requirements. The assessment is a critical part of onboarding new vendors. However, the process for completing these assessments can be resource-intensive, point-in-time, and can lack automation.

With Assessment Reporting, you can…

• Gain insight into the security performance of your third parties before deciding to send an assessment,
• Identify high-risk areas, e.g., response discrepancies or low rating performance,
• Easily prioritize resources to focus on specific questions and the areas of greatest risk,
• Focus limited resources on follow-up actions that lead to more impactful risk reduction,
• Reduce the time it takes to complete a third party risk assessment, especially during the on-boarding process, by reducing the number of questions to ask,
• Gain the visibility required to validate assessment responses,
• Determine the follow-up actions that will have the most impact,
• Collaborate with the vendor to dig deeper into specific questions as needed.

Bitsight Assessment Reporting allows you to achieve a high level of efficiency and automation throughout your assessment process.

Work with your Bitsight Customer Success Manager, your Consulting Engineer, or Account Manager to map your assessment key criteria/questions with the relevant risk data. You will be notified when your assessment template is ready and has been uploaded directly to the Bitsight platform.

Once the vendor assessment template has been uploaded to your platform, generate an Assessment report on any company/vendor in your portfolio.

Assessment reporting provides a better overall user experience, which includes the following features:

• Flagging: Automatically flag assessment questions that need immediate attention.
• Search: Search across all text presented in an assessment report.
• CSV Export: Allows downstream automation, such as triggering workflows based on thresholds set around grades for specific risk vectors.

Get started…