SOURCE: Rsam

Rsam

July 19, 2016 09:00 ET

Rsam Poll Shows Most Organizations Assess Risk on Less Than 15% of Their Vendors

Rsam Launches New Vendor Risk Management Bundles to Help Companies Quickly Gain Control Over Vendor Risk

SECAUCUS, NJ--(Marketwired - July 19, 2016) - A recent Rsam poll showed that 50 percent of organizations assess less than 15 percent of their vendors for reputational, financial and/or data security risk -- the remaining 50 percent averaged a 30 percent assessment rate. The poll respondents included nearly 100 GRC professionals who attended the Rsam webinar titled, "Six Vendor Risk Management Time Killers." The poll also showed that participants intend to increase vendor assessments by 60% in 2017.

Given the large vendor assessment gap, Rsam has created new Vendor Risk Management (VRM) bundles, delivered via software-as-a-service (SaaS), to help organizations gain control quickly and in an automated, manageable way. Risk professionals can choose among several options -- VRM Starter, VRN Standard or VRM Premium -- and have a baseline up and running in 30 days. The bundles vary based on numbers of employee users, vendor users and features. All are configured on Rsam's enterprise platform, which makes them easily adaptable on the fly. As with all Rsam modules, organizations can adapt and mature their program without the constraints of hard-coded software or unnatural artificial workflows.

Managing vendor risk is challenging for most organizations, whether they have a universe of a few hundred or thousands. Third-party relationships are more entwined than ever due to the volume of interactions that occur daily and the business criticality of many outsourcing arrangements. While the scope of risk increasing, the scrutiny from external forces like regulators, shareholders and the media is also on the rise.

"Organizations of every size want to gain control over vendor risk but many simply don't have the resources to make a dent," said Vivek Shivananda, CEO of Rsam. "We advise risk professionals to start with the basics, get a program up and running quickly, demonstrate success and iterate from there. Toward that end, our new Vendor Risk Management (VRM) bundles will help companies implement programs for as few as 200 vendors and up to thousands in as few as 30 days."

About Rsam

Rsam is the fastest time-to-value and most flexible GRC, Vendor Risk Management and Security Operations, Analytics & Reporting (SOAR) platform provider. The Rsam platform allows companies to leverage out-of-the-box solutions and "Build Your Own" (BYO) applications for a wide range of risk and compliance functional areas, including audit, business continuity management, compliance, enterprise risk, IT risk, incident management, operational risk, policy management, threat management, vulnerability management, security incident response management, vendor risk management, regulatory change management and more. Learn more at http://www.rsam.com.

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