Streamline the process of vendor onboarding and pre-contract due diligence to reduce risk exposure
A well-defined, effective and comprehensive vendor evaluation, selection, onboarding process is a necessary part of any third-party and vendor business strategy. It is important to understand not only the strategic fit of the vendor from a business need, but also determine the risk of engaging with the vendor prior to contract.
Not all vendors need the same amount of oversight. Many organizations apply a "One size fits all" process for vendor selection and onboarding. This not only creates unnecessary overhead for your team but more importantly it also creates risk by not assessing the appropriate controls for critical vendors.
You need a process and a tool that can help you determine:
- Criticality and Inherent risk of a vendor based on the type of service, access to confidential data, geography, financial viability and other attributes
- Controls that the vendor has in place to mitigate those risks
- A strategy for ongoing assessments for the vendor- type, frequency etc.
CENTRL's Vendor360 is a flexible and comprehensive platform built for businesses of all sizes and industries for your new third-party initiation needs.
CENTRL's Vendor360 allows you to:
Assess Inherent risk and criticality
- Streamline pre-contract inherent risk analysis for new vendors, by sending surveys and questionnaires to internal teams for input and evaluation.
- Allow business users to initiate vendor requests via a simple configurable form that captured details of the vendor and the engagement.
- Determine the criticality and risk of the vendor at the engagement, product, and service levels using configurable scoring models.
- Segment vendors into different tiers based on risk and other attributes.
- Create workflows to get multi department approval of the vendor.
Conduct pre-contract due diligence
- Use inherent risk analysis to conduct detailed vendor due diligence and assess appropriate vendor controls.
- Automatically harvest information from questionnaire responses into a centralized vendor database.
- Aggregate all vendor documents, policies and information in Vendor360 and get a comprehensive view of the vendor.
- Set rules and schedules for ongoing assessments and deliverables, after a vendor is approved and active.
- Track follow-up items, deliverables, and obligations from your initial new vendor evaluation and onboarding.
Evaluate and assimilate new partners, vendors and third-parties with CENTRL's Vendor360 onboarding process: It's the better way.
Read more about Vendor360, or contact sales about CENTRL's vendor solutions.