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Managing RiskXchange Vendor Connections

Types of Vendor Connections

There are two types of vendor connections in RiskXchange. These are as follows:

A full connection (third party) provides continuous monitoring of an organisation and a wide range of compliance information. You can also send out standards-based risk or compliance assessments and custom assessments to cover other requirements such as ESG and Credit risk.

A monitored connection (third party) provides you with a continuous risk score of an organisation. This risk score is updated at regular intervals. These intervals can be every 24 hours or once per week; after adding the connection. You will gain access to the latest risk score for that organisation and detailed, actionable information that will enable you and your third party to address whatever issues have been discovered. This score and the information used to generate the score have been collected from the organisation's external attack surface and other public domain sources.

Adding a new Vendor Connection

1. Log in to Your Account To begin, access the RiskXchange platform and log in to your account using your credentials. Ensure that you have the necessary permissions to add new connections.
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2. Navigate to the Connections Menu Item Once you have successfully logged in, locate the connections menu item. This option is typically available in the main navigation menu or sidebar. Click on it to proceed.
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3. Choose the Connection Type Within the connections menu, you will find a list of available connection types. These types represent different organisations or entities you can add as connections. Select the connection type that corresponds to the company you wish to add.
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4. Add a New Connection After choosing the connection type, Full or Monitored, look for the "Add vendor" button. Click on it, and a dialogue box will appear, prompting you to enter the company name you want to add.
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  • The company will appear in the search results if it is already in RiskXchange's network. Select the appropriate company from the list, which will be added to your connection portfolio.
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  • If the company is not found in the search results, choose the option "Company Not in Search Results?" This will allow you to proceed to the next step.
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5. Provide Company Details Upon selecting "Company Not in Search Results?" in the previous step, you will be directed to a form to enter the necessary details to register the company on RiskXchange.
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  • If required, Choose the connection type again to ensure accurate classification.

  • Fill out the form with the relevant information about the company. This may include the company name, contact information, industry, and any other required details. Provide as much information as possible to facilitate the assessment process.

  • Once you have completed the form, submit it for processing.

RiskXchange will initiate the assessment process for the company you added. The system will evaluate various security parameters and generate a risk score, which will be provided within 24 hours.

Removing a Vendor Connection

1. Log in to Your Account To begin, access the RiskXchange platform and log in to your account using your credentials. Ensure that you have the necessary permissions to add new connections.

2. Navigate to the Vendors Menu Item. Once you have successfully logged in, locate the Vendors menu item. This option is typically available in the main navigation menu or sidebar. Click on it to proceed.

3. Choose the Connection Type. Within the connections menu, you will find a list of your active connections setup in your portfolio.

4. Highlight the connection you wish to remove. You will see three dots. Select these and then select 'Disconnect.'

This connection has now been removed from your portfolio. So, you will no longer receive any risk score data for this company.

FAQ

How many vendor connections can I add to the platform?

In your RiskXchange account, you can add an unlimited number of connections, but the exact number of connections you can add to your RiskXchange account may depend on your chosen subscription plan. This means that there are no restrictions on the number of connections you can establish with third parties as long as you remain within your subscription. Whether you're integrating multiple vendors, partners, or suppliers into your risk management processes, the flexibility to add as many connections as needed provides immense scalability and adaptability.

By having unlimited connections in your RiskXchange account, you can effortlessly expand your network of connections with third-party entities. It enables seamless integration of diverse partners, accommodating growth and evolving risk management requirements. Whether it's connecting with numerous vendors for supplier risk assessments, evaluating security controls of multiple partners, or assessing the cybersecurity posture of various third parties, the capacity for limitless connections empowers you to gain comprehensive visibility into the risks associated with your external ecosystem.

Additionally, the absence of connection limitations fosters collaboration and information sharing on a larger scale. You can effortlessly establish connections with third-party entities, exchange risk-related data, and collaborate towards improving overall security posture. This freedom to connect without constraints promotes effective risk mitigation, enhanced threat intelligence, and the cultivation of a proactive security ecosystem among your external partners.

Moreover, the unlimited connections feature opens up new possibilities for comprehensive risk analysis. With an expansive network of connections to third parties in your RiskXchange account, you can gather extensive risk-related data from diverse sources, enabling more accurate and holistic risk assessments. By leveraging this interconnected data, you can identify vulnerabilities, prioritize mitigation efforts, and make informed decisions to strengthen your organisations security posture in relation to your third-party ecosystem.

In summary, the ability to add an unlimited number of connections with third parties in your RiskXchange account offers unrivalled flexibility, scalability, and collaboration in your risk management processes. Whether you're integrating vendors, partners, or suppliers, the absence of connection restrictions empowers you to maximise the potential of your RiskXchange account and adapt to the changing risk landscape of your external ecosystem.

Does the subscription cost increase the more vendor connections?

Yes, the subscription cost for your RiskXchange account will typically increase as you add more connections. However, it's important to note that the cost per connection (unit cost) tends to decrease as the number of connections increases. This pricing structure is designed to provide flexibility and cost efficiency while accommodating the scalability of your risk management needs.
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As you expand the number of connections in your RiskXchange account, you are broadening the scope and depth of your risk assessments. Each additional connection enables you to gather more data, analyse a wider range of entities or third parties, and gain a comprehensive understanding of your risk landscape. This expanded coverage requires additional resources and infrastructure from RiskXchange, which is reflected in the subscription cost.
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However, the per connection cost decreases because the overall cost is distributed across a larger number of connections. This means that as you add more connections, the cost per connection becomes more economical. This pricing model encourages organisations to connect with a greater number of entities and leverage the full potential of the RiskXchange platform without incurring exorbitant costs for each individual connection.

The cost per connection reduction is based on the idea that the incremental value of adding connections decreases as the network expands. The initial connections might require more resources, configuration, and setup, but as the network grows, subsequent connections can be added more efficiently and with fewer associated costs. This benefits organisations that need to manage a large number of connections, such as those working with numerous vendors, suppliers, or partners.
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It's worth noting that the specific pricing structure and terms may vary based on your subscription plan and any negotiated agreements with RiskXchange. It's recommended to consult with RiskXchange or review the details of your subscription agreement to get accurate information on how the subscription cost evolves as you add connections.

In summary, while the subscription cost for your RiskXchange account generally increases with more connections, the per connection cost decreases. This pricing model encourages scalability, allowing organisations to expand their risk management efforts, connect with a larger number of entities, and gain comprehensive risk visibility at a more cost-effective rate as their network grows.