An Open Platform for Vendors and their Clients to Solve Multiple VRM Challenges in Harmony

Buckler Sets a New Standard for Vendor Risk Management (VRM)

Open VRM

COLUMBUS, November 28, 2022 – Buckler, a Cyber Policy Management System for regulated Enterprises, Agencies and Branches in Financial Services has added a critical new module to the offering called Open VRM. VRM is standard in the industry for Vendor Risk Management. This is a critical security area mentioned often by clients as a labor-intensive, time-consuming process to ensure the Vendors they work with are cyber-compliant. In the Financial Services Industry, the same regulations firms must adhere to are further extended to their vendors; it’s a trickle-down effect. As a result, it’s not uncommon for Vendors to have hundreds of questionnaires to fill out from separate clients requesting their security posture. It’s time-consuming on both the client and vendor sides.

Vincent Guyaux, Buckler’s Founder and Chairman states, “The industry needed a better way to manage Vendors that is compliance-focused and high-quality. We have witnessed the time and energy it takes clients to continuously gather data and manage Vendors. The Open VRM initiative is a genuine way to give value back to the industry. Vendors have become more common targets as incidents and breaches increased. Regulations increased because many Vendors house NPI (Nonpublic Information) of their clients. Responsibility runs deep and accountability is spread across everyone. Open VRM is a platform that creates consistency across all stakeholders.”

As the first open model initiative for VRM (taking a page from open source models), Open VRM offers the Financial Services industry a new standard for vendor due diligence management to equalize the playing field and create consistent expectations in tracking Vendors to fully meet compliance. Unlike traditional VRM software, Open VRM provides vendors with a free, open environment to populate, manage and share a pre-vetted security questionnaire and compliance evidence documents in one private location. Vendors, or Clients, can also add their own custom questionnaires, as required. Clients of vendors use the Vendor Directory with confidence to request access to Vendor Due Diligence information. Created by Buckler with oversight from an Advisory Board that includes cybersecurity compliance experts, Open VRM drives faster collaboration between vendors and clients in an ever-growing cyber regulatory world.

Open VRM