Vendor Risk Management Solutions
BWise® Vendor Risk Management allows an organization to optimize performance for each of its vendors by managing vendor relationships and monitoring risks that may adversely impact the organization’s day-to-day operations. BWise offers an integrated enterprise Governance, Risk Management and Compliance (GRC) solution which includes Vendor Risk Management as a key component to the overall GRC framework.
Vendor Risk Management Lifecycle Components
The Vendor Risk Management lifecycle involves managing and monitoring the overall vendor relationship which includes identifying risks prior to vendor selection, maintaining a current business profile for all vendors, performing targeted and ongoing risk assessments, monitoring Service Level Agreements, and eventually, managing the vendor off-boarding process.
Vendor risk management lifecycle components include:
- Evaluating vendors and determining which ones best support the organization’s business needs
- Understanding who an organization’s current vendors are
- Managing individual contracts beginning with negotiating the terms of products and services to be delivered and the costs associated with these offerings
- Ranking vendors by the level of criticality by performing criticality assessments to help keep vendor risk management scalable and relevant
- Continuously collecting accurate information from each vendor
- Performing vendor audits by managing work papers, collecting evidence, and capturing findings
- Providing a centralized repository where all issues are categorized, tracked, and managed after the risk assessments and audits are completed
- Helping organizations with cross-functional collaborating to resolve each incident as quickly as possible and also to ensure appropriate measures are implemented to avoid similar incidents in the future
- Effectively managing off-boarding vendors when necessary by providing internal checklists as well as certifications for vendors to complete indicating they are no longer in possession of the organization’s assets
Comprehensive Dashboards and Reporting
With hundreds or thousands of vendors, each with their own criticality level, risk ratings, service level agreement (SLA) objectives, regulatory impacts, and numerous interactions across the organization, managing risk exposure can be daunting, BWise provides visibility across all of these areas for executives and managers to understand the true risk posture of their business operations based on current vendor relationships. Additionally, all teams involved with monitoring the vendor relationship including Procurement, Legal, Information Security, Internal Audit, and many others can share information and work from a common view of each vendor, including “next steps” involved in the Vendor Risk Management lifecycle.