This Global Energy Company is focused on third-party risk management as cyberattacks on supply chains have become more frequent and sophisticated. To do this, they have a global team that oversees the security assessment and compliance of third-party service providers. The team is responsible for screening, selecting, onboarding, and monitoring new and existing suppliers in their portfolio. The Energy Company works with over 30,000 suppliers across a diverse and geographically dispersed third-party network that covers 100 countries. The team ensures that these suppliers meet the Global Energy Company’s security standards and comply with the relevant regulations and policies.

The Solution

Real time monitoring with Venmonitor™

To turn their vision into reality, the Global Energy Company partnered with Venminder, who developed and launched Venmonitor™, a cloud-based platform that provides comprehensive and continuous screening of third parties across multiple domains. Venmonitor™ collects and centralizes data from best-in-class risk intelligence providers, generating an overall risk score and risk profile for each third party. These scores and profiles highlight the strengths and weaknesses of the third parties’ security and compliance posture. The Global Energy Company leverages the external screening data from Venmonitor™ to enrich the screening of potential suppliers. This enhanced screening before signing a contract provides the Company with early warnings on security and compliance risks during the vendor selection process, enables them to make data-driven decisions, improve negotiations during contracts, and provide increased transparency on supplier security posture.

The Global Energy Company designed an IRM third-party screening framework that combines their inside risk assessment with the outside view that Venmonitor™ provides. This framework allows the Energy Company to prioritize the most critical suppliers, identify the most relevant domains for each supplier, and determine the appropriate level of due diligence for each supplier. The Company also uses Venmonitor™ to assess the ongoing performance of their existing suppliers and identify any changes or issues that may affect their risk profile.

“The initial screening of third parties is considered just as important as strong contractual obligations and post award contract management. Our assurance process aims to validate the ability of third parties to adhere to contractually agreed terms to ensure security across the ecosystem. Information and digital technology today allows us to use data analytics, risk ratings, and analysis by Venmonitor™ to enhance our screening of third parties. Detailed feedback provided by Venmonitor Assessments™ prepared by Venmonitor™ SME translates the IT language for easy to understand risk factors for any business stakeholder.”

Security Advisor
Global Energy Company