Introducing Vendor Scorecards
Companies like yours rely on more third parties than ever to propel their businesses forward. How well you manage these relationships can make or break your business.
Vendor scorecards are a powerful tool for tracking and measuring vendor performance. When used appropriately, they make the process of selecting, monitoring, and maintaining healthy vendor relationships easier and more cost-effective. Your institution can use vendor scorecards to identify and remediate issues, control costs, and strengthen your critical third-party relationships.
More About Vendor Scorecards:
We recently launched a third-party scorecard that users can configure to display the most relevant information about any outside entity they do business with. This new functionality enables organizations of any kind to build and maintain strong vendor relationships that keep their organizations safe, generate a positive ROI, and propel their business forward.
Some key benefits associated with the use of this tool include:
- Improved visibility & vendor performance:
- Positive ROI on vendor relationships
- Reduced risk associated with external entities (especially IT and supply chain partners)
- Quickly ID and address high-risk relationships
- Significant cost reductions & improved operational efficiency:
- Enhanced strategic decision-making
- Streamlined due diligence process for new vendors
- Link vendor performance to strategic goals
- Successful regulatory exam results
Our Integration with Security Scorecard
WolfPAC is excited to announce a strategic partnership with SecurityScorecard, the global leader in cybersecurity ratings.
As part of the relationship, WolfPAC has integrated Security Scorecard’s powerful “Security Ratings” functionality with our Third-Party Risk Management software offering.
This new functionality will enable you to review the security ratings of your vendors and third parties in the ‘Scorecard’ section of the module. This integration provides unprecedented visibility into the security posture of your vendors and other third-party relationships by enabling you to monitor the cyber health of any organization 24/7.
Key Benefits:
- Gain a complete view of your vendor ecosystem, the security posture of each vendor, and a private Supply Chain Risk Score to understand the score of your entire ecosystem.
- Easily detect vendor vulnerabilities and identify potential gaps and early warning signs.
- Drastically reduce third-party risk and improve corporate decision-making.
Setting Up the Scorecard:
Setting up a scorecard for a third-party in WolfPAC is easy. Each scorecard is customizable, allowing users to configure which sections they want to include. Users can also print a PDF of the third-party scorecard.
- Administrators can enable the scorecard from the “Manage Inventories” screen within our Third Party Risk Management module.
- Users can also enable Scorecards individually on the “Edit Third Party” screen.
The scorecard provides a succinct overview of the third party, including demographic, contract, monitoring, and risk profile information.
What to Include in your Vendor Scorecards?
Consider including the following but not limited to in your vendor or third-party scorecard:
- How well your vendors and third-parties meet pre-established levels of service in areas like quality, delivery, and support as documented on vendor contracts or a formally documented service-level agreement (SLA).
- How well your vendors help you manage and reduce costs by providing innovative ideas on an ongoing basis.
- How easy your vendors make it for you to work with them.
- How well your vendors comply with your institution’s minimum-security standards.
Try to keep it simple when measuring a vendor’s overall performance. Focus on the vendors that are critical to your business. Develop a repeatable, consistent review process that can enable you to track vendor performance over time and make informed data-driven decisions.
More About WolfPAC
WolfPAC Integrated Risk Management® is a secure, web-based enterprise risk management solution that automates the identification of risks, threats, and control gaps. Developed by financial professionals in 2004, WolfPAC® provides tools to review and assess information technology, privacy, vendor, compliance, and other enterprise-wide risk assessments. Learn more at: www.wolfpacsolutions.com
More About SecurityScorecard
SecurityScorecard is the global leader in cybersecurity ratings and the only service with millions of organizations continuously rated. Thousands of organizations leverage our patented rating technology for self-monitoring, third-party risk management, board reporting, and cyber insurance underwriting. But we don’t stop there. Through a customer-centric, solution-based commitment to our partners, we are transforming the digital landscape building a path toward resilience. Learn more at: Security Ratings & Cybersecurity Risk Management | SecurityScorecard
More About Security Ratings
Security ratings provide crucial insight into the safety and trustworthiness of your vendors and partners. This capability is mission-critical when evaluating institutions that handle sensitive customer data.
- A good security rating is an asset that can facilitate new business opportunities and partnerships. It also provides reasonable assurances to your existing customers/members.
- A poor security rating highlights potentially critical gaps in your vendor’s cybersecurity posture.