Assignment 6: Designing a Vendor Risk Management Program for a Financial Institution

Imagine you are an Information Security consultant for a financial institution that relies on multiple third-party vendors for various services. The institution is concerned about the security risks associated with these vendors and wants to establish a robust Vendor Risk Management (VRM) program. Write a three tofive-page paper in which you:1. Vendor Risk Assessment Framework: Develop a framework for assessing the security risks posedby third-party vendors. Identify key criteria for evaluating the security posture of vendors, including factors such as data protection, compliance, and incident response capabilities.2. Due Diligence and Vendor Selection: Recommend due diligence practices for the selection of new vendors. Discuss the importance of assessing a vendor’s security controls, financial stability, and reputation before entering into a partnership.3. Contractual Security Requirements: Analyze the inclusion of security requirements in vendor contracts. Recommend specific contractual clauses that address data protection, confidentiality, and the vendor’s responsibility for security incidents.4. Ongoing Monitoring and Auditing: Propose strategies for ongoing monitoring and auditing of vendor security practices. Discuss the importance of regular security reviews, penetration testing, and incident response drills to ensure the ongoing security of vendor relationships.Your assignment must follow the provided formatting requirements, be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Citations and references must follow APA or school-specific format.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are: Describe the role of information systems security (ISS) compliance and its relationship to U.S. compliance laws. Use technology and information resources to research issues in security strategy and policy formation. Write clearly and concisely about topics related to information technology audit and control using proper writing mechanics and technical style conventions.Click6here6to view the grading rubric.Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.