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Business Challenge
Single sourcing puts companies at risk by placing too much dependence on a single vendor. Multi sourcing dilutes vendor accountability, and makes it much more challenging to collaborate and coordinate with vendors. In both the single sourcing and multi sourcing models, vendor risks are high, and should be managed and mitigated through a robust risk management approach. Organizations regulated by PCI DSS, Basel laws, HIPAA, SOX and other regulations have to ensure that the vendors accessing their assets and systems are compliant with the relevant regulations.
MetricStream’s Solution
MetricStream Vendor Risk Management Solution helps organizations manage, monitor and mitigate vendor risk efficiently and effectively. The solution streamlines the end-to-end vendor management process, right from risk assessment, to vendor selection, to relationship management. The solution also evaluates and monitors vendor compliance with organizational policies and controls, and ensures flexible and effective management reporting.
With the MetricStream solution, you will be able to:
- Adopt an integrated and streamlined approach to manage vendor risk assessments, issue management and regulatory compliance.
- Map vendor assessments to organizational policies and regulations to ensure compliance.
- Automatically update each vendor’s profile and compliance status based on assessment results.
- Measure and manage vendor risk based on policy and regulatory compliance, organizational performance, financial status, support and service performance indicators.
- Seamlessly collaborate with vendors across geographies, while consolidating vendor risk measurement and management in a single system.
- Generate flexible vendor risk assessment reports to manage vendor relationship and strategy.
Vendor Risk Management Capabilities
Automation of Vendor Risk Management
MetricStream Vendor Management Solution provides comprehensive capabilities to manage and automate vendor Governance, Risk and Compliance processes. The solution provides a full-fledged vendor risk management module to assess and analyze vendor risks, define controls, track loss incidents and Key Risk Indicators (KRIs), and gain visibility into risk areas through risk scorecards and dashboard reports. The solution also provides capabilities to manage vendor information, define, manage and distribute vendor policies, execute vendor surveys, and track responses. If any issues or incidents are identified, the solution automatically triggers workflows for issue/incident management and remediation. In addition, it helps define, measure and control vendor performance to meet business goals.
Centralized Vendor Information
The vendor management solution provides a built-in vendor information and performance management module to create and manage all vendor profiles. Vendors can view their performance metrics, manage action requests and task assignments, respond to bids and RFQs, and negotiate discussions and contracts. Companies, in turn, can define Service Level Agreements (SLAs) and Key Performance Indicators (KPIs), and evaluate vendor performance based on a wide range of metrics, including cost, innovation, customer complaints, delivery and quality.
Automated Alerts and Notifications
The MetricStream solution supports the creation of business rules and conditions for sending out automatic alerts and notifications to various users based on events, conditions or key milestones. For instance, email notifications can be sent out to vendors to fill out the required information about their company; or automatic alerts can be generated when contracts have exceeded certain established thresholds.
Vendor Benchmarking
To help you choose the most appropriate vendor, the MetricStream solution enables you to compare various vendors against each other, and against your own organizational benchmarks. Using the solution, you can establish various Key Performance Indicators, set benchmarks for each indicator, and then rate vendors based on these benchmarks. The solution provides a comprehensive comparative analysis of each vendor, thereby simplifying your choice.
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