Create a consistent, defensible process for initiating vendors
To contract a vendor is to initiate a relationship: when you don’t know who you’re really dealing with, you expose your enterprise to risks that can have enduring consequences.
Vendor Cloud automates the vendor onboarding process, establishing a single, standardized, easily accessible and enterprise-wide process for introducing a potential provider into your vendor database. Through Vendor Cloud’s portal, any line of business that requests a new vendor relationship can:
Screen for Potential Overlap
Vendor Cloud assembles all vendor profiles into one consolidated database, alerting requestors to previously established vendor relationships within a given provider category.
Determine Vendor Criticality and Confidentiality Risk Levels
Not all vendors merit the time and expense of a deep vetting process. Vendor Cloud queries the requestor with key questions that probe for relative risk, focusing the vetting on the two key areas: confidentiality and criticality.
- Confidentiality: Will the vendor need or have access to data, such as customer identification or employee identification information, that must be carefully secured in compliance with binding regulations and company policy?
- Criticality: How relevant are the vendor’s activities to the core functions of the business—could vendor error, failure or mismanagement threaten enterprise operations?
By assessing risk, Vendor Cloud ensures that vendors with genuine risk potential receive sufficient vetting, while not wasting enterprise time and resources on low-risk providers.
Create Relevant Assessment Question Sets
Traditional spreadsheet-based vetting processes fail to distinguish differences in vendor activity, responsibility or risk potential, often imposing the same set of questions regardless of relevance. Vendor Cloud applies category and risk considerations to assemble sets of relevant questions for each vendor, eliminating hundreds of time-wasting queries.
For more information on Vendor Cloud or to schedule a live demonstration, please contact us.