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8 Examples of Vendor Risk Management

 , updated on May 09, 2017
Vendor risk management is the process of identifying and treating risks related to service providers, suppliers and consultants. This is often a multidisciplinary effort that covers a variety of vendor related risks. The following are illustrative examples of vendor risk management.

Strategy Risk

Strategic risks of a partnership. For example, the risk that a competitor will gain access to trade secrets.

Financial Stability

Investigating the financial stability of partners. A partner that goes into financial distress can disrupt your projects and operations with little hope of remedy.

Legal Risk

The risk of legal disputes with a partner.

Technical Risk

Technical risks associated with IT services, infrastructure, equipment, software and partnerships. For example, a service that represents an information security risk.

Compliance

A vendor's compliance to laws, regulations and standards.

Sustainability

You can't claim to be an environmentally responsible organization if you simply outsource things to a partner that pollutes for you. As such, sustainability practices are an increasingly common focus of vendor risk management.

Project Risk

Project risks introduced by a vendor such as the depth of their resource capabilities.

Operational Risk

Operational risks introduced by a supplier or service provider. For example, risks of a political event that disrupt a supply chain.
Overview: Vendor Risk Management
Type
Definition
The process of identifying and treating risks related to service providers, suppliers and consultants.
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