Third-Party Risk Management

The Complete Guide to the Vendor Risk Management (VRM) Lifecycle

Extend the Value and Power of Your Platform

The vendor risk management (VRM) lifecycle outlines an end-to-end vendor management approach to help you manage third parties, suppliers and business partners in an organized and transparent manner.

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This ebook will provide information on how to navigate the vendor risk lifecycle at each stage of the journey and provide practical tips on how to overcome common challenges along the way.

This ten-stage process starts before a contract is signed and continues all the way through the offboarding of the relationship. It’s critical that you create the right systems and controls throughout the lifecycle to effectively identify and mitigate your risks with third parties.

Below are the vendor risk management (VRM) lifecycle stages we define:

Sourcing
Onboarding
Due Diligence
Ongoing Monitoring
Performance Reviews
On-Site Control Assessments
Contract Management
SLA Monitoring
Issue Management
Offboarding