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Glossary › Vendor Risk Management Program
What is Vendor Risk Management Program?
A vendor risk management program includes governance structure, policies, methodologies, processes, tools, reporting, and oversight responsibilities. It enables consistent, transparent risk management across all vendors.
FAQs
Why formalize a VRM program?
To ensure consistent governance and compliance.
Does a VRM program require documentation?
Yes, policies and procedures are essential.
Can VRM programs be audited?
Yes, internal and external audits review them.
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