Supplier / Vendor Managers
Supplier and Vendor Management Software Provides Automated Assessment Tools to Mitigate Third-Party Risk
Managing risk is a difficult job to do even for internal operations, but when companies outsource functions to suppliers, vendors and other third and fourth parties, it adds yet another layer of complexity.
To do the job effectively supplier / vendor risk managers need to be able to perform a number of functions:
- Identify the risks that each third-party vendor presents given the function they perform and data they have access to
- Capture and maintain critical information for all of their third and fourth parties
- Assess and classify risks according to the level of threat they pose
- Continually monitor and track risks, identifying any changes that present new risks
- Manage regulators by demonstrating how risks are identified and mitigated
The ability to demonstrate to regulators that your company has a repeatable process for assessing and managing third-party risk is crucial. Vendor risk professionals must be able to prove that they review vendor data the same way every time through an objective lens. Increasingly, regulators are making clear that sending questionnaires via email and tracking responses on spreadsheets will no longer make the grade. Leading companies that are using automated solutions are raising the bar.
ProcessUnity’s cloud-based supplier and risk management software provides vendor managers with:
- A framework for categorizing and prioritizing risks
- Predefined vendor risk assessment questionnaires based on best practices
- Automated tools for sending questionnaires and tracking responses
- Capabilities to quickly evaluate vendor responses and pinpoint potential problem areas
- Automated business rules for rating vendor risks based on organization-specific criteria
- Dynamic reporting for creating necessary artifacts for regulators, auditors and executive management.
ProcessUnity reduces risk by enabling companies to more effectively track risks amongst the entire population of third- and fourth-party vendors.
Our automated platform creates a single system of record for third-party risk, enabling vendor managers to easily:
- Determine comprehensive risk management profiles for third parties
- Automate key risk processes including due diligence, performance assessments and on-site control assessments
- Conduct trend analysis and identify systemic issues
- Dramatically reduce the time spent on risk management logistics and analysis, leaving more time for response, mitigation and remediation
- Facilitate secure online dialogue between financial institutions and their vendors – no more sending spreadsheets via email
- Improve workload management with tools that provide instant insight into the status reviews in progress
- Take action when vendors don’t respond in timely fashion
ProcessUnity’s supplier and vendor management software also makes it far easier to prepare for audits and board meetings, providing the ability to:
- Quickly assemble all the data auditors require
- Demonstrate sound, automated, repeatable processes for managing third-party risk
- Easily collect and consolidate information for executive review
Evidence of a strong vendor risk management program increases your auditors’ level of confidence, putting your organization in a stronger position when it comes to scoping and coverage during annual reviews.
For more information on ProcessUnity’s cloud-based supplier and vendor management software or to schedule a live demonstration, please contact us.