Why Vendor Risk Assessment Surveys Matter
Strong vendor oversight begins with asking the right questions. Vendor risk assessment surveys are a critical component of an effective third-party risk management program, helping financial institutions evaluate vendors’ operations, financial stability, cybersecurity, compliance, and business continuity. To simplify this process, Strunk’s Vendor Manager solution is designed to improve how surveys are created, shared, tracked, and scored.
Through the platform, standardized surveys can be sent directly to vendors based on their specific risk levels. You can easily track which surveys are outstanding and which are complete, providing transparency without manual tracking or long email threads. Additionally, Vendor Manager enables institutions to score residual risk at the question level based on vendor responses. This allows teams to assess a vendor’s controls and quickly identify areas that may require further review or additional safeguards.
A more recent feature is a set of available onboarding questions designed to help institutions quickly gather key information when establishing a new vendor relationship. These questions provide a practical starting point for evaluating vendor risk and ensuring consistent data collection during the onboarding process.
Another powerful enhancement is the ability to customize survey questions. Every institution’s vendor management program is different, and this capability allows organizations to tailor their surveys to their operational needs. Whether adding new questions or modifying existing ones, teams can ensure their surveys collect the most relevant information.
Vendor Manager provides significant value for financial institutions wanting to execute a structured vendor management program with confidence. If you have any questions or would like more information, please contact Strunk at info@strunkaccess.com for more details.
