Businesses are outsourcing and relying on other organizations to fulfill key roles. Functions from IT infrastructure, application development, to core business functions. While business outsourcing can provide many benefits, it also brings with it many risks that organizations must manage. Regulators expect organizations to properly procure their vendors, properly risk assess their functions, monitor their performance, and provide guidance through policies and procedures and on-going oversight.
More than ever, organizations are being held accountable for the actions of their vendors and sub-contractors by regulators. (See our Blog site for publications) This process can be complicated and time consuming without the proper tools and knowledge to perform the necessary oversight in an efficient manner.
myVendorView360 provides a centralized platform to manage vendor procurement, governance, performance, risk, and compliance processes. The solution covers your entire vendor network, aggregating data in one system providing an audit trail and complete transparency and accountability.
Through a web-based interface you can seamlessly communicate expectations and requirements as well as gather critical documents from your partners. Your Vendor’s actions and ability to meet your requirements are all tracked within the system. The Vendor’s status as an “approved” vendor is predicated on the vendors ability to meet your expectations, providing you a sound audit trail of your governance.
Periodically you need to assess the quality of your vendors through a formal audit process. We can design an audit and perform the audit on your behalf to give you an unbiased review of their abilities to perform and manage risk. Our team can perform an on-site review at their location or train your team to perform the assessment.