Vendor performance monitoring and vendor management has been an ad-hoc process for many companies but the luxury of using an ad-hoc system no longer exists. OCC, FDIC and other regulatory bodies have guidelines that require senior management to periodically assess their third parties' performance, security, adherence to HR laws, financial condition and much more. There is little room for error with these guidelines and regulatory requirements, so companies are looking for an affordable way to minimize their compliance risk and automate their processes. The objective is to minimize the arduous task of consolidating multiple forms, checklists, questionnaires and documents from multiple vendors.
Unfortunately for some companies, their ad-hoc methods of vendor management and vendor monitoring have become a burden. They commit an undue amount of time and resources needed to manage this disorderly process.
There is a better way to manage and monitor vendors. CENTRL's Vendor360 provides companies a single, uniform platform to manage all of their vendor management and monitoring. Companies can easily request documents and data from third parties, analyze their responses and easily uncover any potential issues. Using Vendor360, companies can further collaborate with their third parties to remediate potential issues before a problem arises.
Vendor360 also provides the ability to:
The CENTRL software platform is a better way to perform vendor monitoring and management.