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Volume 32, Issue 3

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Friday, 10 May 2019 21:33

Vendor Continuity Management: From Risk to Resilience

Written by  TERENCE LEE

To realize greater levels of success, businesses have become more specialized, concentrating on what they do best to achieve better margins. The more specialized the business, the more they must rely on the use of third-party vendors to bring their products to market. The reliance on third-parties increases exposure to an organization’s resilience, regulatory, reputational, security, and financial risk. It is the responsibility of the business continuity professional to ensure the resiliency of the organization, including third-party vendor recovery and security. Vendor continuity management (VCM) intersects with business continuity management (BCM) and operational risk management (ORM) anywhere third-party vendors provide critical products, services, or have access to sensitive company information. Just as BCM encapsulates risk assessments, maps critical processes to people, assets, and conducts business impact analyses, VCM extends those concepts to third-party suppliers, partners, and contractors. Assessing the Impact: Measuring Vendor Risk Vendor impact has gathered significant attention lately, considering that serious,