Vendor Risk Management
The importance of vendor management remains a critical component of an organization’s risk management program. Vendor risks continue to proliferate. Examples include contractor system infiltration and fraud, cyber-attacks (e.g. to steal or disrupt data, information technology, and business processes), vendor concentration, and recent and forthcoming regulatory activity. These topics, as well as a host of others, are driving Boards and executives to question and gain assurance that vendor risk is being adequately identified, assessed, managed, and monitored.
Although some industries have made progress in their vendor risk management practices (i.e., financial services), many organizations still need substantive improvements, to meet, for example, regulatory expectations. Practices aren’t purely an exercise of executing the risk management process, but how it is being embedded, communicated, and sustained. This is leading stakeholders to acquire the confidence that vendor risk management is part of the organization’s culture and in the mindset of each employee.
BENEFITS OF THE VENDOR RISK MANGEMENT SOFTWARE SOLUTIONThe BWise® vendor risk management software solution enables an organization to centralize its vendor data and facilitate the risk management lifecycle process. This encompasses managing and monitoring the overall vendor relationship. Illustrative components include:
- Anticipated and ongoing risk identification processes
- Maintaining the vendor’s business profile
- Performing vendor risk assessments
- Monitoring and managing Service Level Agreements (SLAs)
- Enumeration of the organization’s vendors
- Ranking and prioritizing vendors by the level of criticality
- Facilitate vendor audits by collecting, centralizing, and organizing data, managing work papers, and substantiating courses of remediation
- Help cross-functional teams collaborate to manage vendors efficiently and resolve incidents quickly
- Effectively manage the off-boarding vendors
COMPREHENSIVE DASHBOARDS AND REPORTING
The software solution offers users with the ability to configure dashboards and reports without the need for additional coding. This has proven to be an invaluable tool, as vendor and risk information can be aggregated (with drill down capabilities) and displayed based on user roles. Moreover, the real time synopsis of data creates clarity to pertinent vendor variables that support the business such as vendor assessments, risk ratings, SLAs, regulatory impacts, process flow management, etc. Given that some organizations have hundreds or thousands of vendors, viewing vendor information in totality (or individually) has enormous benefits.
BWise provides visibility and transparency across all facets of vendor risk management for executives and managers to understand the true risk posture of their business operations. Additionally, all teams involved with managing and monitoring the vendor relationship including the business and support functions (e.g. procurement, legal, information security, and internal audit) can share information and work from a common view of each vendor. This can facilitate better decision making including capital and resource allocation, effective control spend, and business impacts.