You can outsource everything except your liability. As a result supply chains have become a critical risk factor for any organization. All aspects of risk need to be assessed and managed; from financial risk to quality, scalability, security, privacy, through regulatory risk. This white paper covers the scope of a world class vendor risk management program and the steps you can take to minimize risk, reduce costs and ensure your organization complies with all relevant compliance mandates. Risk starts with the vetting and on-boarding process and extends through the entire life cycle of the affiliate relationship. Problems on any one of these could have a significant impact on your organization and its brand. New mandates ranging from HITECH & ICD-10 in healthcare, FDA & Corporate Integrity in Life Sciences, to FDIC guidance in financial services require regulated entities to ensure that their suppliers and other trading partners comply with the relevant regulations. Individual state privacy regulations have just complicated this critical issue. The need to assess the risk associated with your complete supply chain, as well as your own internal groups, makes this a significant effort.