Industry leader in third-party risk, Venminder, announces free customizable third-party risk management policy template that contains best practice policy content, descriptions, and processes that organizations can use to align to their own third-party risk management framework.
Venminder, a global leader of third-party risk management solutions, announced that it has released a free third-party risk management policy template that contains best practice policy content, descriptions and processes which organizations can use as the foundation to customize and align to their own third-party risk management framework. The policy template comes with a comprehensive companion guide that can help educate.
A third-party risk management policy is the first document that should be created to identify the roles, responsibilities, regulations, and overall purpose of a vendor management program. It provides a broad outline on the areas of due diligence, risk assessments and contract management, and establishes how the board and senior management will stay informed of vendor management activities. It is also used to communicate the rules, requirements, and guidelines to an organization’s employees.
Effective third-party/vendor risk management policies are the foundation of any good program. Writing a policy is widely known to be laborious and time-consuming, and without guidance or help, it can be challenging to know where to start.
“Effective third-party/vendor risk management policies are the foundation of any good program,” said James Hyde, CEO of Venminder. “Writing a policy is widely known to be laborious and time-consuming, and without guidance or help, it can be challenging to know where to start. This free policy template has been crafted by Venminder’s highly skilled third-party risk professionals who have not only done the job in their own careers, but today advise our over 1,100 customers, many of whom are subject to the strictest regulatory guidance. We are all very excited to be able to take this template public and offer it for free as it gives third-party risk professionals another powerful tool towards implementing processes to manage and mitigate vendor risk.”
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Dedicated solely to third-party risk, Venminder is the industry leader in not only third-party risk solutions but also in advocating and educating on best practice third-party risk management. The policy template is just one of thousands of free resources that Venminder has made available to the industry. Recognizing the power of effective third-party risk and how it can protect organizations and their data, Venminder remains committed to making third-party risk and vendor risk management resources accessible, effective, and straightforward