Organizations often depend on hundreds of vendors to manage and support their business processes - be it customer service activities, or core business operations such as application development and IT infrastructure management, or compliance activities such as audits. This kind of vendor outsourcing may provide a host of benefits. But it also brings along numerous risks, compliance obligations, and governance challenges that organizations have to consider.
In fact, organizations are increasingly being held accountable for the actions of their vendors. Regulators expect them to know their vendors and sub-contractors, implement policies and codes of conduct, perform regular risk and compliance assessments, and proactively remediate all issues that arise. Yet none of this is simple, given the complexity of the vendor network. In many organizations, each business unit uses different processes and systems to manage and monitor their vendors, making it difficult to collate data at an enterprise level, or trace a particular risk/ compliance issue back to the source.
MetricStream Vendor Governance Software Solution
MetricStream provides a single, centralized solution to manage all vendor governance, performance, risk, and compliance processes. The solution extends across the global vendor network, aggregating and unifying all vendor data in a common system for complete transparency and accountability. It also provides a web-based interface for organizations to seamlessly collaborate with their vendors.
The solution streamlines the complete vendor governance lifecycle - beginning with vendor registration and onboarding, and extending to vendor risk management, compliance, audits, quality management, social compliance, performance management, and other key activities. It also automates vendor communication and reporting workflows for optimal cost-efficiency. Graphical dashboards and reports deliver real-time visibility into all vendor governance activities, enabling managers to proactively balance vendor risks and opportunities.
- Provides a single point of reference to manage and monitor vendors across multiple countries
- Enables a systematic and consistent approach to the end-to-end vendor governance lifecycle
- Simplifies collaboration with vendors through an online interface where vendors can view performance scores, risk and compliance assessments, and alerts and notifications
- Strengthens compliance by mapping vendor controls and compliance assessments to organizational policies and external regulations
- Automatically updates vendor data based on risk and compliance assessments and responses
- Provides multiple performance and risk indicators, as well as analytics to accurately measure and manage vendor performance
- Supports decision-making by providing complete and real-time visibility into the status of vendor relationships, performance, risks, and compliance
Streamlining the process of the management report with Metricstream’s solution, we have reduced the timeframe from 1-2 weeks to 1-2 hours.