Automate the process of ongoing vendor assessments while maintaining needed oversight
Vendor assessments are part of a comprehensive third-party risk management and monitoring strategy.
Vendor assessments should not be a one-time activity. Organizations need a sustaining strategy to assess the vendor throughout the relationship (contract to termination). The cadence and frequency depends on the type of service, the criticality and the risk of the vendor. The complexity of managing this process at scale can be overwhelming and deter organizations from conducting assessments. Further, manual processes are highly error prone, time consuming and extremely inefficient.
CENTRL's Vendor360 can help manage all parts of your third-party/vendor lifecycle. It includes intuitive workflows to automate third-party information gathering, streamline evaluations and issues management, and simplify collaboration with third-parties.
Benefits of CENTRL's Vendor360 include:
- Automate end to end third-party assessments
- Conduct ongoing third-party assessments, onsite audits, and surveys.
- Leverage industry standard templates such as SIG, AITEC, VSAQ, and others, or your existing questionnaires.
- Publish "one-time" assessment or create a recurring schedule:
- Publish and track the progress of questionnaires to one or multiple third-parties.
- Create recurring schedules to send assessments periodically.
- Manage ongoing risk obligations
- Create risk obligations per vendor engagement to track ongoing performance.
- Obligations can be for requesting document (Financial Statements, Certificate of Insurance, SOC Reports, etc.) or to conduct additional assessments.
- Streamline the evaluation of responses
- Evaluate responses with custom or standard grading scales and weights, at the section or question level.
- Assign sections or questions to other internal teams for evaluation.
- Clarify questions, resolve issues and collaborate, in one application.
- Gain comprehensive visibility into risk across the vendor portfolio
- Conduct trend analysis for third-parties, vendors and partners performance.
- Compare third-parties' results at a questionnaire or section level.
- Aggregate third-party data, view exceptions and drill down to details.
Using Vendor360's your organization can streamline your third-party assessments and gain better control and insight into your extended ecosystem of partners.
Read more about Vendor360, or contact sales about CENTRL's vendor solutions.