Hanover Stone Partners, a risk management services firm, and accounting and advisory firm Baker Tilly Virchow Krause, LLP, have partnered on a vendor risk management services to help businesses and other commercial entities evaluate and manage cyber-risks and other exposures related to their use of contractors, vendors, suppliers and other outsourced providers.
“Today, as part of their effort to understand and manage their enterprise technology and internet exposures, a growing number of businesses and public entities recognize their vendors and suppliers need to be included in all their critical risk assessments,” said John J. Kelly, founder and CEO, Hanover Stone Partners.
“Even with the most robust internal safeguards and risk management measures against cyber-risks and related technology exposures, businesses may still be vulnerable to information security breakdowns associated with their contractors, vendors, and even IT service providers,” said Kevin Sullivan, director of Baker Tilly. “We have developed an intensive process for helping businesses in all sectors evaluate and manage exposures associated with their vendor relationships and are pleased to collaborate with Hanover Stone Partners to bring these timely and critical solutions to our mutual clients.”
Hanover Stone Partners has nearly 50 senior risk advisors and 30 partner firms. Together, they offer advisory services for commercial clients address a range of enterprise risks.
Baker Tilly analyzes a company’s vendor relationships, including a review of the due diligence process used in selecting vendors, contractual arrangements, individual vendor performance and history of security breaches, among several other factors. Vendor relationships are stratified by risk level and measures are implemented to monitor business activity, evaluate risks, establish standards and manage compliance.
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