This web-based solution helps three key activities as part of an effective vendor management process: risk-based vendor selection, relationship management and compliance monitoring. Leveraging the Vendor Management solution, you can establish a lower-cost, higher-quality vendor management process through a centralized repository of third-party data, clear reporting of activities related to vendor risk, and a consistent and repeatable assessment process.
- Consolidate vendor data, including profiles, contracts, engagements, facilities and contacts, and ensure that users-including vendors-have appropriate access to read and update information.
- Perform business impact analyses against vendors to auto-calculate their tier, which determines the appropriate assessments for each vendor relationship.
- Provide an enterprise view of corporate vendor documentation, services and utilization, which is useful in strategic sourcing and more effective vendor selection.
- Enable relationship managers to minimize risk associated with vendor relationships by tracking key performance indicators, SLA objectives, the status of deliverables and other vendor performance metrics.
- Perform vendor assessments using pre-loaded questionnaires, including a third-party financial risk assessment and the Shared Assessments Program Standardized Information Gathering (SIG) Questionnaire.
- Enable vendors and relationship managers to complete assessments online, through which the system calculates risk ratings and next scheduled review dates.
- Provide a self-service portal where vendors and relationship managers can respond to issues identified in the assessment process.
- Automate the measurement of policy and control compliance through assessment results and the resolution of findings.
- Monitor your overall vendor management program and correlate vendor data across your enterprise through real-time reports and executive dashboards.