If you can’t manage what you can’t measure, then it stands to reason that you can’t measure what you can’t see. In our current economic landscape, not being able to see, manage, or plan for disruptions in your supply chain could lead to severe consequences for your business. This free resource is designed to help organizations establish more consistent policies for supply chain resilience—so that they will be better prepared for the next disruption.
Customizable Template for Profiling and Tiering Your Vendors and Suppliers
Our customizable Third-Party Profiling and Tiering Template includes guidance on how to identify, define, and tier third parties based on several criteria, including whether each supplier:
- Provides a core component of your products or services
- Has access to sensitive information, including PII, PCI, or client data
- Would create a negative impact on your business impact based on a continuity event
- Is a single-source supplier
The template includes a simple questionnaire that you can use to determine third-party criticality (rated High, Medium, Low) and corresponding risk level (rated 1-Red, 2-Amber, 3-Green) for each supplier. Once you have a rating for each supplier, you can make better-informed decisions about the next steps. For instance, supplier ratings can be used to prioritize assessments of business resilience and inherent risk, as well as other third-party risk management activities.
> Download the free template to benchmark and standardize your third-party tiering
Next Steps
Discover how you can simplify and streamline third-party risk management with Prevalent. Schedule a strategy call or demo today.
Editor’s Note: This post was originally published on Prevalent.net. In October 2024, Mitratech acquired the AI-enabled third-party risk management, Prevalent. The content has since been updated to include information aligned with our product offerings, regulatory changes, and compliance.
