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Vendor Risk Assessment Definition: Vendor Risk Assessment is the process of evaluating the security and compliance risks posed by third-party vendors to ensure that they adhere to necessary security standards and protocols.
Vendor Risk Assessment is the process of evaluating and managing the potential risks associated with third-party vendors who have access to a company's sensitive data or network. This assessment involves identifying and analyzing the security controls and practices of vendors to ensure they meet the organization's security requirements and standards. The goal is to mitigate any cybersecurity threats that may arise from the vendor relationship and safeguard the company's information assets.