Vendor Governance

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.

Vendor Risk Assessment, Self Service Portal, Contract Management

FEATURES & BENEFITS

Web Based Access

Access 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 Repository

Leverages the libraries of vendor profiles, risks, controls, assessment questionnaires and templates policies, contracts, documentation and evidence.

Email Alerts & Notifications

Instant notifications on tasks and alerts. Easy access to the system by clicking the link appended in the email alert.

Maintain Histories

Maintain historic versions of all documents and create a version of the entire manual as of a given historic date.

Compliance

Automate the requirements and the assessments based on the business being conducted.

Configurable Workflow and Task Management

System automatically routes completed activity and triggers the next set of required actions in the process as defined.

Configurable Escalation Rules

Sets defined rules for escalations on high priority overdue tasks that require reassignment internally or require task completion from external parties.

Reports and Dashboards

Uses 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.

Integration

Easily integrates with internal or external third party applications and data sources.

Audit Trails

System captures all activities performed on the system with date and time stamps.

Vendor self-service

Vendors can manage their own data and required documentation significantly reducing the burden on staff.

CHALLENGES ADDRESSED

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.
Infographics on Vendor Governance

DESIGNED TO ADDRESS INDUSTRY NEEDS

Healthcare & Hospitals

Survey management, FDR and FWA assessment, Contract Management
Helps meet all HIPAA risk assessment, certification validations, FWA attestation and stop list validations.

Financial Services

Risk Assessments, Compliance Updates, Third Party Management
Meets multiple regulatory requirements including FFIEC guidance, FINRA & SEC requirements.

Health Insurance

GRC for health insurance , managing multiple risks and regulatory changes
Ensure FDR Attestations, Quality, HIPAA and FDR Due Diligence.

Manufacturing

Manage Vendor Governance in Manufacturing Industry
Meet regulatory requirements related to Conflict of Minerals, REACH, ROHS as well as hazardous material management.