Vendor risk management[1] involves a comprehensive plan for the identification and mitigation of potential business uncertainties as well as legal liabilities in regard to hiring third-party vendors of IT products and services.
Defined Terms
1. ↑ risk management.
The identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
