Vendor Risk Management Best Practices in 2023 | UpGuard

This document outlines vendor risk management best practices, urging organizations to maintain accurate vendor inventories, standardize and automate security questionnaires, continuously monitor suppliers with security ratings, define cybersecurity performance metrics, and extend oversight to fourth parties; it further recommends establishing a VRM committee, maintaining strong communication with stakeholders, and preparing for disruptions through BCP/IR/DR planning, while highlighting UpGuard’s capabilities for automated assessments, continuous monitoring, benchmarking, and board-ready reporting aligned with common frameworks and regulations.