Additional Vendor Risk Modules

Other VendorRisk modules to further complement your Third Party Governance and Risk Management are:

Vendor Selection Management

  • Store all information related to a vendor selection project on VendorRisk, including:
    • The project’s name, description, owner & budget.
    • Each vendor being evaluated, the contact person, their quote and their status.
    • All documents related to the project — RFP’s, project document, meeting notes, etc.
    • Comments posted by people involved in the project.
  • Create scorecard templates to track each vendor’s RFP responses. Enter scores for each vendor and their results will be automatically calculated.
  • Automate the process of sending emails to vendors. Each vendor receives a unique link to a “guest page” on your VendorRisk site to respond online and upload their completed RFP and other documentation.

Contract Management Module

Contracts are the cornerstone of your vendor management program, but often this information is kept on desks, in cabinets, email folders. The VendorRisk Contract Management module changes this by providing a single easily searchable location accessible from anywhere with the following features:

  • Store unlimited contracts and upload unlimited supporting documents
  • Assign contract responsibility to staff member in the organisation.
  • View or download contracts/contract documentation from any location
  • Receive email alerts for upcoming contract renewals and expirations.
  • Keep track of termination dates.

Vendor Performance Reviews

Manage vendor performance reviews to ensure that your vendors are meeting expectations by:

  • Identifying vendors that are performing poorly or below expectations (against SLA’s).
  • Spotting trends — has a vendor’s performance become worse over time.
  • Addressing problems with the vendors early in the process.
  • Have better vendor performance information at contract renewal time.

Vendor Incident Tracking

Have better visibility of the incidents related to each vendor by;

  • Easily identify which vendors have the most incidents over a period.
  • Set indicators to flag a vendor for an immediate review if incidents are out of the norm.
  • Record and measure the vendors actual versus expected incident resolution time.