Reduces cost and complexity of vendor assessments
Managing and mitigating third-party risks are essential in today’s competitive environment. The rapid rate of IT innovation, along with an increasing reliance on external service providers have the potential of increasing vendor risks such as information security risk, service delivery risk, supply chain risk, financial risk, reputational risk, and regulatory risk. In such situations, how should clients effectively manage risk, cost and complexity of these important vendor relationships?
To answer such questions, Shree Partners has developed a Vendor Risk Management solution that helps clients identify and mitigate the risks posed by the third party service providers.
Shree Partners delivers & manages best of breed solutions for its clients.
- Builds and maintains definitive Vendor Service Catalog based on a configurable hierarchy. It keeps key vendor data at your fingertips, such as contact information, fee structure, contract terms, vendor policies, performance standards, financial condition, insurance and liability coverage, data loss provisions, document protection, etc.
- Assesses strategic value of vendors and articulates organizational, IT, financial, strategic and support-level risks based on high-level and detailed vendor risk assessments.
- Monitors risks with automated questionnaire assessments.
- Provides a configurable workflow with features that provides guidance to vendors, requests supporting documentation for any given question, auto-generates issues based on responses, adds analyst findings, tracks issues to resolution, creates and monitors remediation projects, and tracks assessment status and overdue questionnaire responses.
- Relates risks with vendors and the services they provide from the perspective of an enterprise risk universe. It also initiates assessments to evaluate risk and initiate mitigation strategies.
- Securely maintains document containing vendor information such as vendor contracts, service level agreements, privacy documents, information security policies, etc. in a centralized repository
- Increases management visibility by scheduling, tracking, and monitoring vendor risk assessment progress.
- Tracks issues, projects, and document requests.
- Raises & reports findings during the assessment process.