Vendor Manager
Get Your Third-Party Relationships on Track
Companies often rely on insecure processes and spreadsheets to oversee third-party relationships, but that often leads to redundant, inefficient tasks and limits tracking and reporting capabilities. Vendor Manager streamlines assessments to effectively manage third-parties (suppliers, vendors, business partners) and derive the key risk intelligence necessary for organizations to properly monitor the relationship.
Mapping assessments to applicable regulations, Vendor Manager simplifies reporting and tracks results in preparation for future audits. Driven by regulatory or business requirements, Vendor Manager empowers organizations to:
- Assess third-parties through a secured extranet – give vendor contacts access to complete online vendor assessments and reminders for pending and past-due assessments
- Gather vital risk-related information, track responses, and segment by category, contract status and renewal date
- Combine vendor information and externally generated data to generate a composite score that profiles inherent risk across key risk categories
- Identify the best risk management approach for each vendor/business partner and trend the scoring results of assessments over time to determine the overall risk related to a particular vendor or partner
- Store, distribute and manage vendor management policies and procedures to identify compliance gaps and conflicts of interest
- Determine Key Performance Indicators (KPIs) for various vendor types and lines of business to establish specific benchmarks based on past experience and market research
- Upload and attach requested documents, or store required contracts, service-level agreements (SLAs) and other supplementary documents
- Push collected data to other vendor modules in eGRC, ERP or CRM platforms
- Customize reports to develop baselines, in-depth risk metrics and comparative benchmarks
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