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Frequently Asked Questions About Vendor Risk Management
Why is vendor risk management important?
Vendor risk management (VRM) is critical for community banks because your third-party relationships can directly affect your security posture, regulatory compliance, and operational resilience. The FFIEC, FDIC, OCC, and Federal Reserve all emphasize that banks cannot outsource responsibility for risk — even when a function is handled by a vendor, the bank remains accountable.
What should I look for in a vendor management service provider?
When choosing a vendor management service provider, look for one that offers a cybersecurity-focused, risk-based approach with customizable support options and strong regulatory alignment. SBS CyberSecurity’s VMaaS stands out by helping organizations classify vendor criticality, conduct thorough due diligence, and maintain ongoing oversight through tools like TRAC and Vendor Watch List tracking. This ensures your vendor relationships are secure, compliant, and strategically managed.
What’s included in ongoing support for vendor management service?
Ongoing vendor management services should include a tailored mix of services designed to reduce vendor-related risk and streamline oversight. Standard tasks cover annual work plan creation, scheduled vendor reviews with due diligence and contract analysis, monitoring of high-risk vendors, and regular status meetings to report progress and challenges. Optional services include mentoring, policy creation and maintenance, financial trend analysis, audit preparation, and support for new vendor selection—all delivered through a cybersecurity-focused lens to ensure your organization’s data and operations remain protected.
This service is offered by SBS CyberSecurity. Learn more about our VMaaS or complete the form.