Vendor management is the process of overseeing and controlling the relationships and contracts with third-party service providers. In the digital asset industry, this applies to managing external companies that supply critical services such as exchange platforms, custody solutions, data analytics, or infrastructure hosting. Effective vendor management mitigates operational risks and ensures compliance with regulatory requirements.
Context
News often highlights the importance of robust vendor management practices for cryptocurrency businesses, particularly following security incidents or regulatory actions involving third-party providers. The discussion centers on due diligence, contractual agreements, and continuous monitoring of vendor performance and security protocols. Future developments involve standardized frameworks for assessing and managing vendor risk within the rapidly evolving digital asset supply chain.
CASPs must integrate DORA's unified ICT risk framework, mandating rigorous resilience testing and third-party oversight by the January 17, 2025 deadline.
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