Vendor Management Roadmap
Vendor Management is the process financial institutions worldwide use to understand the risks they assume due to their business relationships with their third-party vendors especially regarding their data sharing or outsourcing relationships. The most important part of vendor management is to share information and priorities with your vendors.
In today’s tough times, the role of vendor management becomes even more challenging. The ability of the vendor management personnel to address different areas that come up during the life of the contract becomes important for the overall success of the relationship. Needless to mention, in tough times the pressures on both sides are high and, therefore, the role of the vendor management team assumes significance.
SecureGRC, Vendor Management Software – To Improve Collaboration with Vendors
SecureGRC Vendor Management solution enables you to manage an effective vendor management process: risk-based vendor selection, centralized document management, and remediation management.
Vendor Management is a standard practice today where some leading financial industry groups such as BITS have standardized the process significantly through their Standard Information Gathering. The usage of these standards or their derivatives helps organizations understand the risk associated with their vendors.
eGestalt’s Vendor Management Services - Key Features
- Automate monitoring of controls such as management of sensitive data and technical controls.
- Enable vendor managers to manage risk.
- Assess vendor risk using various assessment types and a library of questions based on best-practice standards.
- Derive risk and IT compliance ratings by type of vendor from assessment results.
- Measure vendor compliance to policies and procedures.
- Track and address areas of non-compliance identified in the vendor assessment process.
For more information on eGestalt’s Vendor Management Solutions Contact Us.
