A vital component to any effective, comprehensive vendor risk management program is knowledge of the risks posed by vendors. SOC reports are a key component to understanding these risks; however, many organizations fail to perform a critical review of each report. Evaluation templates, along with standard reporting metrics, can be leveraged by boards and management to gain valuable insights and generate consistent, repeatable processes.
Using Baker Tilly’s template will help your organization:
Understand and evaluate the services, control processes and risks specific to each vendor, in a consistent manner.
Identify and guide risk mitigation and overall vendor relationship management activities.
Report upward to management and board members on vendor risk management.
Have a question for one of our specialists? Contact us.
