VendorRisk is a flexible yet comprehensive solution
The Old Approach Is No Longer Good Enough
When tasked with vendor management, companies typically start out with the simplest solution possible...
- An Excel spreadsheet that lists basic vendor & contract information
- A shared network drive that houses all electronic files relevant to the vendors
- The vendor management coordinator manually checks when contracts are expiring and determines next steps
Can the above work? Sure, on a small scale. But eventually you'll encounter one or more of the following problems...
- Too much information to reliably track in an Excel spreadsheet
- The lack of searching and reporting makes it difficult to get the right information when you need it
- The shared drive becomes completely unwieldy with too many documents & too little structure
- Over-reliance on manual oversight leads to human error that could impact important business decisions
- You spend more time fixing the system and creating workarounds than on managing your vendors
What Auditors Are Looking For...
If you're a financial institution, you may have already received an external audit of your vendor management program. While each examination may differ in specifics, the auditor wants to see that:
- You have a formal system capable of handling the necessary review, documentation and supervisory tasks
- You are conducting vendor risk assessments to determine your critical vendors
- You are performing appropriate due diligence given the vendor's risk rating
- You are documenting contract issues & vendor performance
- You are actively monitoring & supervising your vendors throughout the relationship
- Create your own risk levels
- Create unlimited review templates
- Add custom fields to each module in case your existing fields don't map directly to VendorRisk
- Customizable access control so you can determine exactly what each user's rights should be
VendorRisk was designed & built to meet the above goals.
VendorRisk Is The Safe & Low-Risk Choice
Customizable to your vendor management program...
Only pay for what you need
With our à la carte pricing model, you will only pay for the features that your company needs. Stop paying 100% when you'll only be using 20% of the product. You can always upgrade or downgrade your plan at any time.
Customer satisfaction is our #1 priority
Because you have the option of renewing each year, we have to prove our value to you each and every day. Responding quickly and effectively to support requests, listening to your feedback and keeping the application secure & accessible are just a few of the ways we provide value.
In short, we strive to make sure your vendor relationship with us is the smoothest one you'll have.
A customer-friendly SLA guarantee
We guarantee that VendorRisk will have a 99.5% monthly uptime rate — you will receive an additional month of service for each month where we fail to meet this goal. Our uptime status chart is publicly available.