Managing and monitoring your vendors is a complex process that involves many moving parts. Activities are often dispersed across multiple departments, and data resides in a variety of centralized (and not so centralized) systems, worksheets and documents.
But effective management of your vendors means using the appropriate tools and technologies to get the job done right. Vendor management software provides a central ‘source of truth’ for all of your vendor management activities. You can track vendors, assign roles and activities, and proactively manage the four most important aspects of every vendor relationship: costs, compliance, risk and performance.
Vendor Management Software
What you can manage with VendorRisk
Vendor Profiles. Track and manage a wide variety of information including contacts, vendor segmentation, risk levels, compliance requirements and a variety of vendor-related documents like attestation and non-disclosure (NDA) agreements. Monitor important activities with each of your vendors - all in one, central location.
Bidding and Quoting Events. Create and facilitate competitive bids and quotes directly from VendorRisk. Automate the process to distribute RFPs, receive proposals and score prospective vendors.
Contracts and Statements of Work. Store all of your vendor contracts in one place. Track master service agreements and statements of work. Set contract expiration dates and receive automated alerts before contracts renew or expire.
Vendor Onboarding and Risk Assignment. Automate and simplify the collection of onboarding information from your vendors like W-9s, insurance certificates and audit reports through our online portal. Create oversight plans for strategic and high-risk vendors based on segmentation. Assign roles, responsibilities and frequency for vendor management activities.
Vendor Regulatory Compliance. Identify and track vendors requiring compliance oversight including subrecipients, first-tier downstream and related entity vendors (FDRs) and third-party outsourced service providers. Collect audit reports, attestation agreements and other documentation required for these vendors. Assign and manage compliance activities.
Vendor Risks. Identify and manage your most critical vendors by assigning risk levels. Establish ongoing due diligence and risk management activities. Automate the scheduling of due diligence and risk reviews.
Vendor Performance. Know how well your vendors are performing by conducting performance reviews. Design questions and scoring criteria based on your unique requirements. Request and collect reviews electronically. Proactively identify and resolve problems with your vendors, and build a history of vendor performance.
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Vendor Centric has partnered with VendorRisk to provide a cost-effective, cloud-based solution that supports all six stage
of the vendor management framework. VendorRisk allows you to manage all of your vendor-related activities through a simple, intuitive interface. It also provides a powerful reporting tool that gives you visibility into the most critical aspects of your vendor relationships.