Vendor Risk Management App
The MetricStream Vendor Risk Management App provides a single point of reference to identify, assess, manage, and monitor vendor risks across the global enterprise. The VRM APP enables the efficient categorization, evaluation, and scoring of vendor risks through a streamlined and consistent approach. Issues or red flags that arise are proactively routed through systematic investigations and corrective actions. At each step, the App provides a comprehensive and timely view of vendor risks across geographies, enabling you to make more informed sourcing decisions.Download Datasheet
Connects with enterprise and external systems to import information on vendors; consolidates and maps vendor data in a common repository; scales to accommodate thousands of vendors
Helps create a centralized, tightly mapped structure of the vendor risk hierarchy including risks, controls, KRIs, locations, and regulations; supports vendor categorization based on risk, criticality, and other factors
Provides configurable methodologies and algorithms to assess and score inherent and residual vendor risks; captures detailed vendor risk data, including risk severity, impact, consequences, mitigating plans, and issues
Streamlines and standardizes the process of creating, distributing, and following up on vendor risk surveys and self-assessments; helps qualify vendors based on self-assessment scores
Guides vendor risk issues through a systematic process of investigation and resolution; enhances collaboration with vendors on corrective action; provides real-time visibility into vendor issues
Offers multiple reports, including vendor risk and performance scorecards and risk heat maps; enables real-time tracking of vendor risks with the ability to perform statistical and trend analyses
- Gain an in-depth view of risks across global vendors, including fourth parties. Proactively identify emerging issues
- Simplify VRM by leveraging a common system to manage and monitor risks across thousands of vendors worldwide
- Mitigate vendor risks in a timely manner through a streamlined, standardized, and collaborative approach
- Strengthen compliance with VRM regulations such as the OCC and Federal Reserve guidelines
- Enhance collaboration and coordination with vendors on risk and corrective actions
We have established a common point of reference to assess, score, and track sustainability initiatives across suppliers worldwide.
MetricStream VRM Software Solution
Regulations such as the OCC and Federal Reserve guidelines around vendor risk management, as well as anti-bribery and FCPA laws, have made it imperative for organizations to more effectively monitor and control their vendor risks. Yet, this can be an arduous and complex task, given that there are often numerous vendors, sub-vendors, contractors, and agents scattered across multiple locations.
The MetricStream VRM Software Solution integrates global vendors, risks, controls, performance scores, KRIs, and reports in a common, transparent data model. It streamlines each stage of the VRM lifecycle, while also mapping risk data to regulations to enhance compliance. Leading organizations worldwide are replacing their point solutions and manual processes with MetricStream’s integrated and automated VRM Software.