ComplyScore’s Vendor Governance solution helps organizations streamline the Vendor Management Program across the vendor engagement life cycle including Due Diligence, Onboarding, Contract Performance Tracking, Risk Assessments, Issues and Remediation steps
Ensure vendor compliance with regulatory and organizational requirements while reducing costs and complexity in managing the program.
FEATURES & BENEFITS
Web Based AccessAccess the 100% web based solution from anywhere and on the go. Create customized user profiles to regulate access to information across the organization.
Centralized Data RepositoryLeverages the libraries of vendor profiles, risks, controls, assessment questionnaires and templates policies, contracts, documentation and evidence.
Email Alerts & NotificationsInstant notifications on tasks and alerts. Easy access to the system by clicking the link appended in the email alert.
Maintain HistoriesMaintain historic versions of all documents and create a version of the entire manual as of a given historic date.
ComplianceAutomate the requirements and the assessments based on the business being conducted.
Configurable Workflow and Task ManagementSystem automatically routes completed activity and triggers the next set of required actions in the process as defined.
Configurable Escalation RulesSets defined rules for escalations on high priority overdue tasks that require reassignment internally or require task completion from external parties.
Reports and DashboardsUses industry standard reports from library; Option to create and save a customized report and set automation rules for generation and distribution, all with a few clicks.
IntegrationEasily integrates with internal or external third party applications and data sources.
Audit TrailsSystem captures all activities performed on the system with date and time stamps.
Vendor self-serviceVendors can manage their own data and required documentation significantly reducing the burden on staff.
Vendors are subject to multiple regulatory and internal policy requirements. Based on the engagements and the business they serve, the number of these requirements can grow exponentially. As vendors add new engagements, these requirements change. Multiple teams are required to ensure that the vendor meets these requirements. ComplyScore automates the creation of the requirements and collects evidence at predetermined intervals to reduce the complexity significantly.
In a de-centralized procurement process, business owners unknowingly take on risks while engaging vendors. In addition, manual processes limit optimal oversight of vendors. The end result is high risk and compliance exposure. ComplyScore addresses this challenge by incorporating & automating the inherent and residual risk assessment process directly within vendor requisition and renewal process.
Due to the effort involved, there is minimal monitoring of vendor performance and often, vendors are not compliant with hard negotiated terms. ComplyScore standardizes & automates KPI collection across all vendors and alerts when KPI are out of tolerance levels.
Most companies spend large efforts and resources in collecting documentation from vendors and even then, documentation may not be current. By automating documentation requirements and by providing a self service portal, ComplyScore ensures correct & valid documentation.
IT spends significant amount of time giving access rights to various modules to the vendors/contractors. Special staff is required to maintain Active Directory. ComplyScore provides a plug-in to manage the access rights requsition, approval & reporting workflow. Further integration with AD reduces the costs & complexity significantly.
Risk assessment of the vendor may not be in-line with the current set of engagements with the vendor. As new engagements are added or existing engagements renewed, as regulations change, ComplyScore creates a schedule of assessments and automatically sends the targeted assessments.
Multiple departments involved in approving new vendors/engagement lead to disjoint efforts, which results in high turn around time and poor business owner satisfaction. ComplyScore provides a seamless workflow across all departments providing a consistent view of risk, compliance and governance status.
DESIGNED TO ADDRESS INDUSTRY NEEDS
Healthcare & Hospitals
Helps meet all HIPAA risk assessment, certification validations, FWA attestation and stop list validations.
Meets multiple regulatory requirements including FFIEC guidance, FINRA & SEC requirements.
Ensure FDR Attestations, Quality, HIPAA and FDR Due Diligence.
Meet regulatory requirements related to Conflict of Minerals, REACH, ROHS as well as hazardous material management.