The Open Vendor Risk Management Standard
A Vendor Risk Management (VRM) Platform for Vendors and their Clients to Solve Multiple VRM Challenges in Harmony
Free for Vendors
Answer one questionnaire, upload your evidence documents, and share them with your clients and prospects.
Reduce time and resources on questionnaires and meet cyber regulatory requirements.
Free for Vendors' Clients
Simply select your vendors, request access to their Cyber Package, manage risk level, and voilà!
Vendors & Clients
How to Participate
How Open VRM Works
Simple Steps to Ease Vendor Risk Management
the trickle-down effect
The need for a standard in vendor risk management
As cybersecurity regulatory requirements and security risks increased, vendors are now highlighted as a critical third-party extension for private data management.
When regulations tightened for Financial Services firms, they also tightened for vendors as they must adhere to the same compliance standards as their clients.
Vendors and Clients find themselves in a never-ending spending spiral. Clients struggle to send requests to vendors that struggle to manage them. The result is incomplete, or outdated, due diligence resulting in non-compliance.
Vendors & Clients
The Never-Ending Spending
All Vendors, and some Clients, pay for certifications like SOC 3, SOC 2 Type 1, SOC 2 Type 2, SIG Lite, SIG Core, etc.
Vendors and Clients pay for penetration testing and vulnerability scans of networks, applications, cloud, etc.
Clients contact Vendors who sometimes must answer each Client individually. This unnecessary effort results in incomplete or outdated VRM.
Clients pay for a VRM system while Vendors often pay for multiple, depending on their Clients' requests.
A unique and free platform to allow Vendors and their Clients to better communicate and manage the due diligence process of vendor risk management.
The Power of Open VRM
Compliance-Driven Way to Identify & Manage Supplier Risks
Home Offices, Agencies, Branches & Advisors
Easily manage vendor cyber risk
Invite Third-Party Vendors to a secure platform where you can easily manage them all, gain vendor visibility and oversight and reduce third-party risk.
Vendors, Suppliers, Third-Parties & Contractors
Save time on client requests
Collaborate, manage and share your vendor cyber package with multiple clients in one location so they can access it upon your approval.