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Legal Vendor Network

A New, Standardised approach to Third Party Risk Management for the Legal sector

Reduced Risk and Cost in a Scalable Model of TPRM

DVV Solutions recognises the need for a new, smarter way to protect law firms and their clients from Third-Party risk – the risk associated with doing business with outside service providers and partner. Not only that, we’ve developed a solution to help reduce the overall spending in connection with Third-Party risk assessment and management. We call it the Legal Vendor Network™ (LVN).

LVN is an innovative program of Third Party Risk Management for the Legal sector. It operates as a membership-based program designed specifically for law firms of all sizes to perform smarter risk management through a standardised model for risk assessments and global threat monitoring of their Third party and Fourth party suppliers. It helps firms to manage and respond quickly to inbound requests with the ability to perform a self-assessment and provide access to that request through our secure network.

Members gain access to a supplier repository where they can view supplier information, assessment results, and populate supplier information into the supplier repository. In addition, members can benefit from comprehensive on-site and remote Third-Party assessments performed by DVV Solutions.

Complete Once - Share Many

LVN enables smarter risk management through a collaborative, shared evidence model that leverages standardised content, automation, and threat intelligence. LVN delivers value to members by reducing both the time and cost associated with Third Party Risk Management for the Legal sector as well as significantly reducing risk to the law firm and its clients.

The network was developed in collaboration with law firms to support all firms, big or small. Membership licensing provides a platform easy enough for the smallest firms to invest in improving the maturity of their Third-Party risk management model while also supporting the large scale needs of global legal firms.

It is the only purpose-built platform on the market with integrated capabilities that support both contributions and relationships in a secure, members-only network. You can learn more about the background to the Legal Vendor Network in our White Paper.

The risk rating and assessment methodologies of LVN are built upon Shared Assessments’ industry-leading toolkits, including the widely adopted Standardised Information Gathering (SIG) questionnaire. The SIG allows organisations to quickly build and share evidence internally and with any member of the exchange.

Network members automatically gain Shared Assessments program membership offering access to the Certified Third Party Risk Professional (CTPRP) expert certification program, best practice thought leadership, peer networking and active working groups that help define and shape future industry needs.

Legal Vendor Network Membership Benefits

  • Save time and resource through shared supplier risk assessment repository
  • Cost-effective way to scale and speed-up risk assessments
  • Leverages market leading technologies (Supplier Risk Manager and Supplier Threat Monitor)
  • Assess vendors of all sizes, from 2 to 100,000 person
  • Determine supplier capability and risk through pre-assessment
  • Conduct thorough on-site assessments with SupplierAssess
  • Utilise member-only threat intelligence and network sharing
  • Perform self-assessment to see how your Customer assess your own risk
  • Shared Assessments membership included

Taking the Pain out of the Assessment Process

With over 18 years’ experience in IT Security, Risk and Assurance DVV Solutions has the technology, process, and people necessary to deliver the highest standard of Third-Party risk assessments.

To compliment the Legal Vendor Network program, our SupplierAssess managed service provides robust on-site and remote Third-Party risk assessments and real-time supplier threat intelligence that can supplement or substitute your existing third-party risk assessment efforts. SupplierAssess will help you truly understand your Third-Party supplier risk, remediate inefficient controls and better protect your organisation

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