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Practice paper

How to develop a risk assessment programme for your vendor's BCP capabilities and their impact on your organisation

Michael Marshall
Journal of Business Continuity & Emergency Planning, 1 (4), 340-347 (2007)
https://doi.org/10.69554/EOLH6817

Abstract

The paper discusses the inherent risk of relying on critical third-party service providers and how customer organisations would be affected if those vendors experienced an incident or disaster. Not all companies could recover from a devastating event like September 11th or a major hurricane, epidemic or pandemic. Indeed, without viable business continuity planning (BCP), many enterprises would simply go out of business. This is one reason why a company's vendors should all have a feasible BCP, regardless of company size. Those companies that do not plan sufficiently for an incident/disaster will be much less likely to recover if such a disastrous event befalls them. The case is made for developing an enterprise-wide vendor management programme that has BCP assessments as a key component, and is covered with process considerations and real-world examples. Identifying these risks and sharing this information with an organisation's senior management is essential to enhance risk mitigation strategies regarding vendor BCP risk.

Keywords: vendor BCP risk and assessment programme; critical third-party service providers; vendor management

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Author's Biography

Michael Marshall has been with Wells Fargo Bank for over 16 years and is the Programme Manager for the Wells Fargo Vendor BCP Assessment Programme. He assisted in establishing Wells Fargo’s business continuity planning (BCP) programme policy and served as a senior consultant to several key business groups to ensure successful programme implementation and compliance. He has also worked for Wells Fargo Enterprise Governance, Vendor Management Domain, Wholesale Banking, Premier Banking and Retail Bank Management. He is a graduate of California State University, Northridge, holding a bachelor of science degree in business administration: organisational systems management.

Citation

Marshall, Michael (2007, August 1). How to develop a risk assessment programme for your vendor's BCP capabilities and their impact on your organisation. In the Journal of Business Continuity & Emergency Planning, Volume 1, Issue 4. https://doi.org/10.69554/EOLH6817.

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cover image, Journal of Business Continuity & Emergency Planning
Journal of Business Continuity & Emergency Planning
Volume 1 / Issue 4
© Henry Stewart
Publications LLP

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