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:
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 reduces risk by enabling companies to more effectively track risks amongst the entire population of third- and fourth-party vendors.
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.
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