Vendor Management Software Evaluation: How to Get Executive Buy-In
Written by Whistic
For most InfoSec teams, the benefits of a vendor risk management platform are well defined. From making it easier to mitigate third-party risk to ensuring your internal team and external vendors are on the same page, vendor management software is a must-have in today’s open-source, cloud-based environment.
Getting Executive Buy-In
Selling executive leadership on this kind of software can be a bit tricky. In 2020, when non-essential corporate spending has decreased dramatically, getting buy-in from executive leadership on a new technological resource isn’t a walk in the park.
One of the best ways to highlight the security benefits of vendor management software to executives is to make the connection between the software and the ways it directly impacts corporate operational objectives.
Operational Objectives Impacted by Vendor Management Software
Streamlined Operations—The software creates a single source of truth for your internal team.
In many SaaS organizations, sales and partnership conversations can hit roadblocks while security reviews are being conducted. When salespeople have to go to a security team and wait for a manually completed security assessment, this is too much time wasted. Vendor management software makes it easy for any team member to access security information—including assessments—to streamline internal operations.
Visibility & Organization—The software makes it easy to organize and access multiple security questionnaires and profiles.
With the growing number of security assessments available to modern InfoSec teams, it can be difficult to organize and keep track of all of these questionnaires. Gone are the days of spreadsheets and manual data gathering. A vendor management solution can securely store multiple assessments and questionnaires and make it easy for InfoSec teams to update as necessary.
Brand Recognition—The software directly addresses the growing importance of reputation in the cloud environment.
One thing that corporate executives and InfoSec teams have in common is that they’re both living in a world where data breaches are daily front-page news. As open-source partnerships and cloud-based business is now the norm, having a good brand reputation—a strong security posture and clear protocols in place to reduce risk—can increase new business and, ultimately, revenue.
Increased Security—The software creates auditable security records for both internal and external use.
Last but certainly not least is the increased security and reassurance that a vendor management solution offers. Multiple corporate strategy trends from the previous few months—including increased remote access, smaller teams due to layoffs, and more—mean that secure vendor relationships are critical. A vendor management platform can help your organization achieve this and still meet compliance and audit guidelines down the road.
Investing in a new vendor management platform goes beyond taking steps to mitigate third-party risk in your organization. It is a clear indication to customers, vendors, and prospects that your organization is dedicated to being a security thought leader in your space. By gaining executive buy-in, your team is taking the first step towards this new, modern reality.