NEWARK, DE — Buckler has announced an expansion of services around Open VRM, an open standard for Vendor Risk Management that remains free for both vendors and clients. This initiative streamlines the exchange of due diligence information, facilitating smoother compliance processes within the financial sector.
Open VRM has rapidly gained traction, now boasting over 1,000 vendors listed in its system. It allows the sharing and evaluation of vendor due diligence information, including trust center links and questionnaires, with client approval. This approach addresses the pressing need for efficient due diligence highlighted in Buckler’s recent survey. The survey of 345 senior leaders and operations team members revealed that 64% have not completed or updated vendor due diligence annually, often citing a lack of resources.
Buckler’s new services aim to bridge this gap, providing Vendor Risk Manager Outsourcing as part of their Cyber Program Manager offerings. CEO Scott Smith emphasized the importance of these services, stating, “Open VRM is perpetually free but Buckler now offers services to help meet the last mile of vendor due diligence. In the spirit of ‘No firm left behind,’ filling this gap is critical for ongoing cyber compliance.”
Vendors are encouraged to join Open VRM, complete a compliance questionnaire, and submit evidence documentation. Buckler reviews this information and assesses risk based on regulatory requirements. Annual calls are conducted to discuss the findings, ensuring firms maintain thorough and compliant vendor risk management without overburdening internal resources. This initiative helps organizations stay organized, compliant, and effective in managing vendor-related risks.
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