Over 40% of top 100 law firms are Legal Vendor Network members.
More than 250,000 vendors being continuously monitored.
Law firms know they are a perfect target for a cyber attack due to the volume of sensitive information that they store and have access to. A recent Robert Half Legal survey found that 41 percent of U.S. lawyers said that their law firm or company plans to increase spending on cybersecurity-related tools and services in the next 12 months.
Legal IT, InfoSec and Risk Assurance teams are also under increasing pressure from their firm’s clients to assess and manage the risk of outsourced services. Whether it’s an eDiscovery provider, title company, or other outsourced service, they have an obligation to protect their client’s information should they choose to share it with a supplier. However, the process of managing 3rd party risk in legal firms is a costly, time consuming, and a non-billable proposition.
Prevalent – Gartner recognised “Leader” in their 2017 Magic Quadrant for IT Vendor Risk Management – and DVV Solutions have teamed up with top law firms to address this issue.
Introducing Legal Vendor Network
The Legal Vendor Network (LVN) was built by law firms, for law firms. Working closely with several global and national law firms, LVN was designed to focus specifically on a firm’s need to minimise the time and cost of assessing 3rd parties, while making sure that necessary risks are properly scrutinised.
Once completed, assessments are stored in a secure repository, so they can be quickly accessed by other LVN members who use that supplier’s services. Members have access to industry leading 3rd party risk management software to review supplier due diligence, accept findings, or plan remediation efforts.
This shared evidence “Complete Once – Share Many” model has proved so compelling that over 40%* of Top 100 law firms have now subscribed to the network and are achieving significant improvements in cost-efficiency and scalability of their 3rd Party risk program.
Saving time and cost in assessing 3rd party risk in Legal sector
LVN members find that 30% – 50% of their suppliers are already in the Network. With hundreds of assessed suppliers and over 250,000 3rd parties being continuously monitored, it’s likely that many of your suppliers are already in LVN too.
Take advantage of LVN’s established database of supplier risk assessments and documented evidence. You can join existing members in driving down the cost and time it takes you to deliver and manage 3rd party risk assessments.
Learn more with a closer look at the UK Legal Vendor Network , or
Read the original Legal Vendor Network White Paper.
You’re only as Strong as your Weakest Link
Outsourcing has clear benefits — from lower costs to increased efficiency and productivity in non-core business processes. But the value 3rd Parties bring can be eroded by associated risks.
By developing and maintaining an effective 3rd Party risk management program, you can help ensure that your suppliers have strong controls in place and protect your organisation from fiscal, operational, regulatory and reputational risk.
We’d be pleased to speak with you about the benefits of the Legal Vendor Network and how it can be the most cost-effective way to develop, maintain or expand your 3rd Party risk management efforts.
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*Source: Prevalent Inc. www.prevalent.net