Automate distribution and assessment of periodic vendor reviews
Due diligence does not end with contracting, but must be sustained throughout the lifespan of the third-party vendor relationship. Periodic vendor self-assessments are necessary to ensure contract conformance and satisfy regulatory requirements.
But manual assessment management is prone to error, especially when dozens, or even hundreds, of third parties are involved. Spreadsheet-based questionnaires make it difficult to distribute relevant question sets to the appropriate vendors; distribution and completion records must be tracked by hand; and timelines may be easily missed by busy diligence teams facing multiple deadlines.
Vendor Cloud automates vendor self-assessments with tools for:
- Scheduling alerts: Vendor Cloud pushes assessment notifications, in advance of approaching deadlines, to your assigned compliance team members and to third-party representatives.
- Assembling and distributing questionnaires: Vendors receive only the questions that are relevant to them, and can complete their questionnaire through a cloud-based portal that assembles responses.
- Tracking “preferred responses”: You set the preferred response, in line with your policies, for each question. The Vendor Cloud dashboard flags responses in accordance with your expectations, assigning green, red or yellow codes for acceptable, unacceptable or questionable responses.
- Monitoring completion status: You get real-time status updates regarding assessment completions; as deadlines approach, the system pushes alerts and escalation notifications to internal teams and vendors.
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