Third Party Vendor Management Services

Don’t Get Blindsided by Supply Chain Risks and Vulnerabilities

Third Party Vendor Management Services by Ace

Third party vendors are critical for the successful execution of any organization’s supply chain. But they add an extra layer of risk to your security posture. You are responsible for ensuring that the vendors you engage in business with uphold your industry’s relevant legal and regulatory standards.

If your business needs to comply with HIPAA regulations, your cloud hosting or storage providers must also comply with the same standards. If not, your business will be held liable for non-compliance.

Ace eases the path for you. Our experts dive into your vendor’s documentation to verify claims and ensure the required standards are met. They perform due diligence so that you can make an informed decision regarding the vendors you do business with.

How Third Party Vendor Management by Ace Benefits Your Business

What You Get With Third Party Vendor Management Services by Ace

Risk Mitigation & Compliance

The Ace team helps your organization better understand and mitigate third-party vulnerabilities and supplier risks.

Insightful Reporting

Get valuable insights and actionable intelligence on vendor processes via supplier performance scorecards and periodic reports.

Vendor Due Diligence

Ace vendor management experts conduct thorough due diligence of your vendor’s compliance practices, cybersecurity risks, and operational risks.

Automated Vendor Processes

Optimize and automate vendor management processes by leveraging the power Ace technology solutions.

Ensure & Mitigate Third Party Risk Exposure with Ace Experts

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FAQs for Accelerating Business Growth

What is third-party vendor management?

Third-party vendor management is the process of managing the relationships with external vendors that provide goods or services to a company. This includes conducting due diligence to assess the vendor's security practices and reviewing security documentation to ensure compliance with company policies.

Why is due diligence important in third-party vendor management?

Due diligence is important in third-party vendor management to ensure that vendors are trustworthy and have adequate security measures in place to protect the company's assets and data. Conducting due diligence can help identify potential risks before they become actual threats.

What should be included in a third-party vendor's security documentation?

Third-party vendor security documentation should include policies and procedures for access control, data privacy, incident response, disaster recovery, and business continuity. It should also include evidence of compliance with relevant industry standards and regulations.

How often should third-party vendor security documentation be reviewed?

Third-party vendor security documentation should be reviewed on a regular basis, at least annually, to ensure that the vendor continues to meet the company's security requirements. If there are any changes to the vendor's security practices or policies, documentation should be updated and reviewed accordingly.

What are the risks of not properly managing third-party vendors?

The risks of not properly managing third-party vendors include data breaches, loss of intellectual property, damage to the company's reputation, and regulatory fines or legal action. Poorly managed vendors can also lead to operational disruptions and financial losses.

Third Party Vendor Management Services