The vendor risk assessment questionnaire is a very helpful tool. Now, automated questionnaires can make these assessments much easier.
How important are these questionnaires in your vendor risk assessments? And what are the benefits of automated questionnaires?
Brief Discussion About Questionnaire
A vendor risk assessment questionnaire is designed to help optimize a vendor risk assessment process. This is also called a third-party risk assessment questionnaire.
The purpose of having these questionnaires is to help the organization draw data-driven decisions. Especially in connecting with third party vendors.
A questionnaire can detail the vendor’s risk security practices. How strict are they in implementing these? How do they handle potential data breaches? If they handle customer data, how careful are they in handling these?
With careful analysis of these factors. It helps the organization see potential vulnerabilities. Thus, it can help them drive data-driven decisions with the vendors.
A Complex Task
However, implementing these into the process also imposes challenges. Especially if an organization handles more and more vendors.
The report shows that companies today handle more and more vendors each week. Thus, this is inevitable in a business. We need those vendors to keep the business running.
This is a complex task. Plus, this is coupled with having your vendors reply on time. And added with the requests you send out. Truly, handling this task should be thorough. But, being thorough also needs to be time-efficient. Thus, time matters a lot to prevent delay onboarding of vendors too.
An Automated Help
Manual labor with this task is surely not time-efficient, nor cost-effective. Thus adding technology in the process helps a lot. Automating the process helps in the following tasks:
- It helps simplify data collection
- Helps in organizing evident attachments
- Reviews context
- Automated follow-ups
Automating these seemingly trivial tasks wins the scene. Because it could be easy to be loaded down with the complexity of the task. Not to mention constant emails. Also the consultation of data from multiple sources. Together with the analysis of it.
Thankfully, innovation has emerged.
The Panorays Smart Questionnaire
Panorays is a third party security platform. Their goal is to help companies speed up their third security processes. Which should meet the demands of higher vendor partnerships. Especially to standardize processes. And to ease the complexity of the task.
As of now, it is the only platform that offers such services. With it, an organization can:
- Easily view their third party assessment status
- Manage the assessments
- To easily engage with them. May they be third parties, or suppliers, or business partners.
What’s good about Panorays is they’re Saas-based. This means that no installation is therefore needed.
The other benefit of this is it complies with other security standards. Aside from it speeds up the evaluation of assessments. This also makes sure compliance with the GDPR. Also with the CCPA and NYDFS.
This truly is one of the best innovations in the market today. Automated questionnaires not only speeds up the process. But it enables a higher quality of standardization.
