Vendor Risk Assessment

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Globalization of business has changed procurement processes significantly and companies can now source goods and services from vendors across the world. As companies change their procurement strategy from single vendor model to multiple vendor model, they face inevitable vendor risks. For an example your vendor fails to replenish office supplies in lead time or IT vendor's fraudulent business practices impacts your business projects and revenue.

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Single sourcing process puts companies at risk by having too much dependence on a single vendor. Multi sourcing model dilutes the accountability and increases risks in collaboration and coordination across the vendor base. In both single and multi sourcing model, vendor risks are high and should be managed and mitigated through risk management approach. Organizations regulated by PCI DSS, BASEL, HIPAA, SOX and other regulations have to ensure that vendors accessing their assets and systems should be compliant with regulations.

Key Benefits of MetricStream Vendor Risk Management Solution

• Adopt an integrated GRC infrastructure to manage vendors risk assessments, issue management and regulatory compliance status
• Integrate policies with vendor assessment for regulatory and policy compliance
• Automate risk profile of vendors and compliance status based on assessment results
• Measure and mange vendor risk based on policy & regulatory compliance, organizational performance, financial status, support and service performance indicators
• Deploy online solution for collaboration with vendors across geographies and measure risk in single system
• Generate vendor risk reports based on assessments to manage vendor relationship and strategy