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VENDOR RISK MANAGEMENT
What is vendor risk management (VRM)?
Vendor risk management (VRM) is the process of identifying, monitoring, analyzing, and remediating risks and vulnerabilities created by your third-party vendors and service providers. Why is vendor risk management so important? It helps your organization identify and alleviate any negative impact that may affect your cybersecurity posture, customer data safeguards, regulatory compliance, and overall industry reputation. A robust VRM program ensures that you can minimize the impact of vendor security, reputational or any other adverse incidences on your own organization.
What is due diligence?
In terms of vendor risk management, due diligence is the comprehensive steps taken to protect an organization from a third-party breach. In the event of a breach, your organization must show due diligence, meaning that it took the necessary precautions to protect the entity, but the breach still occurred.
How can I protect my business from a third-party breach?
Build a comprehensive cybersecurity program for your business that includes (but is not limited to) a vendor risk management platform, continuous monitoring of your network and systems, documented policies, and procedures for protecting data, and security awareness training for all employees.
How can vendor risk management support my sales efforts?
When your sales team is trying to sell your services, often a third-party assessment will be requested. These can slow the sales cycle down to a crawl. Often RFPs are cancelled if the sales cycle is too lengthy. With an automated vendor risk management system, assessments can be completed quickly and efficiently, allowing for a faster sales cycle.
WORKING WITH PROCESSBOLT
Why partner with ProcessBolt?
ProcessBolt is an easy-to-use, multifunctional AI platform specifically designed for vendor risk management. Our fully customizable platform allows you to import your own security questionnaires in Word, Excel or web-based forms, and automate the entire workflow process, saving users up to 80% of the time it takes to complete the security assessment process.
What are the four components of the ProcessBolt platform?
How does ProcessBolt safeguard my data?
All data is hosted within the geographic region of the client. Data is encrypted, in transit with TLS v1.2 Transport Layer Security and at rest with AES 256-Bit Encryption.
How much does ProcessBolt’s products and service cost?
ProcessBolt’s pricing is based on the number of vendors you assess. Our pricing model is designed to scale with your vendor risk management (VRM) program, enabling major cost savings. Also, there are no hidden service fees. To determine your pricing level, we recommend scheduling a demo to discuss the number of assessments you’ll perform in any given month.
Which industries and compliance frameworks does ProcessBolt work with?
ProcessBolt is ideally suited to any industry and works with every compliance framework including GDPR, HIPAA, PPACA, STARK LAW, HECVAT, FERPA, NFR, NYSDFS, FINCEN, FINRA, and more.
Does ProcessBolt offer a reseller program?
Yes. We partner with a number of resellers that white-label the ProcessBolt platform. To learn more about our reseller program, please visit our partners page: https://processbolt.com/partners
How does ProcessBolt differ from other vendor risk management platforms?
The ProcessBolt platform is unique in that it offers four components in one: assessing vendors, receiving assessments, ThreatScape and DocAI. Each component is a vital part of any vendor risk management program, and no other company on the market today offers all four components in one easy-to-use platform.
How do I setup a new account?
ProcessBolts’ team is with you every step of the way. We help with all implementations at no additional setup cost.
Are there any user limits?
ProcessBolt does not limit the number of users for you or for your vendors. Unlike our competitors, there are no user-based fees, and our program is scalable to fit your needs.
Does ProcessBolt have integrations with other platforms?
Yes, we offer a full range of integrations with GRCs, ERPs, and platforms like Zapier, Workday, ServiceNow, etc.
Do you have an API I can access?
Yes, we offer a RESTful API that allows any custom integrations your organization needs.
Do you offer Single Sign-on (SSO)?
We are SAML 2.0 compliant SSO. We work with identity providers such as Okta, Microsoft Azzure, ADFS, etc.
Do I need training to use ProcessBolt?
Training is included with the purchase of ProcessBolt. Our onboarding specialist will walk you through all the components of the ProcessBolt platform and assist you with your first assessment. Ongoing support is available via phone or email.
How do I contact support?
Support contact information is provided through your SaaS agreement with us. Please refer to the document.
Can I use my own or questionnaires with ProcessBolt?
Yes. ProcessBolt is fully customizable and allows you to import your own vendor questionnaires into the platform.
Can I create my own questionnaire within ProcessBolt?
Absolutely, you can build your own from scratch or import from your own library of questions.
How long does it take to get up and running?
Upload your questionnaires or use one from our extensive library, set your risk tolerances and you’re ready for your first assessment. Setup typically takes 1-2 hours.
What types of assessments can I conduct within ProcessBolt?
ProcessBolt is assessment-type agnostic. You can conduct any type of external or internal assessment within our platform.
How does ThreatScape work?
ThreatScape is an Attack Surface Management and Security Rating System that provides customers with real-time insight about their own and their vendors’ internet-facing posture on a continuous basis, providing actionable insight to improve their security posture. In addition, the AI algorithms automatically correlate a vendor’s internet-facing attack surface data with their assessment responses to present an accurate picture of a vendor’s security gaps. ThreatScape offers an easy-to-use visual dashboard displaying how an enterprise and its vendors are performing over time.
How can ThreatScape protect me from hackers?
ThreatScape shows you exactly how a hacker views the gaps in your environment as well as your vendors’ environments. By identifying and closing these gaps, you’re strengthening your security posture against hackers.
Does ThreatScape use a risk assessment exchange model or library for sourcing vendor risk data?
No, ProcessBolt sources its own risk data and does not rely on third-party data sources.
Can ThreatScape reports be shared?
Yes, customers can share ThreatScape reports with their vendors to create a productive dialogue and help remediate issues as they arise in real time.
How can ThreatScape help me as a vendor?
As a vendor, you want the most secure environment possible. Vendors who use ThreatScape dramatically increase the security of their systems and data, thus proving their due diligence to potential buyers.
My company does vulnerability scanning once a year. Isn’t that enough?
No. Vulnerability scanning performed once a year is inadequate to guard against hackers. By only analyzing the current state of your environment on an annual basis, you’re allowing the potential for unauthorized access to go undetected for the remainder of the year.
How does DocAI work?
DocAI analyzes any t document, allowing you to quickly and easily find certain information. When you ask any English language questions, DocAI responds with the answer gathered from the content.
How can it create efficiencies in my work?
DocAI can dramatically decrease the time it takes to read lengthy documents, contracts, etc. Is you’re searching for a particular answer to a question, let DocAI find the answer for you, quickly and accurately.