Vendor Risk Management (VRM) is a crucial step in the life cycle of any business. It involves assessing, monitoring, and mitigating potential risks associated with third parties and vendors on an ongoing basis. Through VRM, companies can ensure that their process for evaluating and onboarding vendors aligns with their business goals and objectives. VRM also provides a layer of protection against compliance issues, legal exposure, financial losses, reputational harm, and other threats that may arise from working with unreliable partners. When done correctly, Vendor Risk Management is essential for maintaining the integrity and security of your business – so make sure it’s part of your life cycle!