Assess Risk & Perform Due Diligence
Not all vendor relationships go smoothly, and problems with vendors could significantly affect your company. VendorRisk helps you manage these concerns.
Assess & Monitor Risk
If capturing risk is important for your business, you currently have two options: the first is to define your own risk levels and manually select one from a dropdown when adding/editing an item. The second is more detailed, whereby you create multiple questions, assign possible answers to them, and then determine automatically which risk level should be assigned based on the responses. For example, a question could be "Does this vendor have access to confidential information?", and if the answer is "Yes", then they're automatically given a risk level of "High".
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Perform Due Diligence
When you first enter a relationship with a vendor, you'll most likely carry out some form of due diligence to make sure that any concerns you may have are addressed up-front. With VendorRisk, you can create diligence forms, assign a diligence form to each contract, and enter the vendor's responses to each concern. Status flags let you see how much of the diligence form has been completed.
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Assign Items to the Watch List
Use the "Watch List" to flag any item as important — perhaps the vendor has newfound financial concerns, or the software had some critical bugs exposed in it. Watch List items appear on your Dashboard when you first login.
or continue to Dashboard & Email Notifications
