How External Vendors Can Streamline Security Questionnaires

Jennifer Tomlinson
Written by Jennifer Tomlinson / Jan 26, 2022

As Executive VP of Marketing, I work to identify business needs and help QorusDocs’ clients generate revenue more effectively and efficiently. I spearhead efforts to increase brand awareness through digital marketing and client engagement.

As an enterprise vendor, completing security questionnaires—the lengthy lists of questions used to gauge security and privacy measures—is an important part of securing new business. Security questionnaires are intended to be extremely thorough so organizations can understand potential weaknesses and flaws in a vendor’s policies and practices before entering into a business relationship. Filling out the questionnaires can be costly and time-consuming, but it’s imperative that vendors provide thorough, up-to-date information so that their clients have a comprehensive understanding of possible risks.

Managed Service Providers (MSPs) are tasked with handling more than their fair share of security questionnaires as they enter service agreements with enterprises or if they’re helping an organization facilitate a contract with a third-party. MSPs are responsible for ensuring their clients’ data and information are fully protected—an increasingly challenging burden as security issues are on the rise—which means the questionnaires must be completed with a high-level of detail and accuracy.

Security remains a pervasive challenge in the business world. Last year, 37% of companies were hit by ransomware attacks and business account compromise victims experienced a loss of over $1.8 billion. This is particularly concerning, especially given that over 50% of all data breaches can be attributed to a third-party vendor’s access to a larger network. As 2022 gets underway, ransomware and security issues show no signs of slowing down and organizations are eager to insulate themselves from these kinds of threats.

For MSPs that are tasked with filling out lengthy questionnaires for their clients, they can turn to proposal management software, to streamline the security questionnaire process and identify potential security threats that leave companies vulnerable to attacks or other risks. Below are a few ways that proposal management softare can be a resource to ensure security questionnaires are completed thoroughly and accurately without sacrificing response speed and content quality.

 

AI-driven content

Security questionnaires are often populated with many of the same questions from one to the next, since companies are interested in a lot of the same information. For vendors, that means they need a reliable source to pull the most up-to-date responses in order to maximize accuracy and efficiency. 

With QorusDocs’ AI-driven software, teams can access the best content for every questionnaire they complete. The platform gets smarter over time, surfacing recommended content so teams can avoid having to dig through files and multiple document versions to find what they need. When the right content is within reach, the burden of filling out repetitive questionnaires is lightened—giving teams time to focus on other important work.

 

Application compatibility

Driving rapid questionnaire responses means ensuring the team is performing with minimal operational barriers that slow down the process. However, collaborating on complex security questionnaires can be a significant challenge, especially when multiple subject matter experts need to weigh in or when there’s a need to draw from different software and applications.

Being able to work with familiar applications is key to facilitating quick work, which is why QorusDocs was designed to be compatible with Microsoft 365 and other widely-used CRM platforms. These integrations make it easier for teams to work together, share documents and delegate assignments so that questionnaires can be handled seamlessly. QorusDocs is also cloud-based, enabling dispersed teams to do their best work no matter where they’re located.

 

Immediate insights

One of the most challenging aspects of completing security questionnaires as part of the new business process is not knowing what elements the enterprise cares about most. Of course, all elements of a vendor’s security will be important, but demystifying the areas that are top of mind can reveal where the vendor needs to focus more attention in future questionnaires or help the vendor learn what specifics to touch on in a follow-up meeting with their potential client.

In order to help pull back the curtain, QorusDocs includes detailed tracking information that shows how an organization is engaging with the questionnaire responses, so vendors can see exactly what content is getting the most attention. Measurement tools show reader stats like clicks and shares, giving the vendor a better understanding of what readers are paying attention to most. This can also be used as a competitive advantage, allowing MSPs to gain a firmer grasp of their client’s biggest areas of concern. 

Proposal management software is a critical tool MSPs should consider for the new business process, especially as security threats remain a looming concern for today’s companies. With a need to deliver highly-accurate security questionnaire responses as quickly as possible, QorusDocs can be a valuable resource for MSPs as they begin working with new businesses. MSPs can leverage proposal management software to streamline the security questionnaire process and identify potential security risks that leave companies susceptible to attacks. Its AI component, integration with common software and applications and ability to generate insightful reader metrics makes proposal management software an ideal partner.

 

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