Minimize third-party risk by only doing business with suppliers that meet your qualifications. Develop evaluation criteria, review supplier qualifications, and conduct vendor risk assessment via secure social collaboration on any mobile device. Increase efficiency and data accuracy with a web-based self-service approach for supplier enablement and profile update. Take advantage of the cloud to manage all aspects of supplier communication including information requests, purchase orders, schedule changes, and invoices.
Send prospective suppliers secured links to collect company data (such as provided goods/services) in a structured format. Approve or reject the registration after reviewing and vetting (third-party risk assessment).
Delegate account administration to suppliers. Offer browser-based, self-guided training and help.
Send a reminder to the suppliers for certification renewal (such as Small Business Certification and third-party risk audit). Update data to reflect mergers and acquisitions. Maintain an audit trail.
Suppliers share information on social tool, participate in sourcing events, address service issues, and manage invoices and payments, all on a secure portal.
Conduct periodic assessments of identified suppliers with a risk management questionnaire including OCC (Office of the Comptroller of the Currency) or local equivalents and audit. Review, clarify, and evaluate the results. Automatically add the new qualifications to the suppliers’ profiles.
Evaluate third-party supplier risk profile and relationship against each primary supplier. Analyze supplier performance and distribute more spend to high-ranking suppliers.