Vendor Risk Assessments

ComplyScore's Risk Assessment Solution puts your Vendor Risk Assessment in Auto-Pilot mode. The ability to automate the schedules and target assessments based on business conducted automates your entire Risk Assessment process.

Vendor Risk Assessments, Vendor Governance, Information Security

FEATURES & BENEFITS

Manage Risk

Identification of high risk third parties leading to effective scope based due diligence steps.

Single Repository

Enable a centralized master record and digitized library of all third party related documentation.

Third Party Management

Streamlined and collaborative approach in managing the third party on-boarding, approval and management process.

Automate Tiering & Segmentation

Automate tiering and segmentation of third parties based on risk classifications (Tier I , Tier II etc.)

Automate Compliance

Assess 3rd and 4th party compliance posture against regulatory and organizational requirements.

Cross-organizational reviews

Automated calculation of risk ratings for reviewing departmental functions (Finance, IT, Legal, Business Continuity, Enterprise Risk, Insurance and VMO etc. with override functionality by approvers.

Tracking

Tracking all Mitigation activities to ensure compliance with business mandates.

Renewals

Data and evidence based contract renewal discussions resulting in cost based renegotiation.

Specific Dashboards

User specific interface, reporting and dashboards.

CHALLENGES ADDRESSED

Profile and Product centric Risk Assessment automation.

Assessment schedules tracked within centralized, yet role based system and assigned tasks logged on to calendars.

Eliminated siloed data points maintained by various functions.

Significant time savings resulting in more third party entities being assessed annually.

Reduced number of data reference points via seamless interfacing with independent data storage sites.

Enabled collaborative mechanism to review vendor performance via scheduled and adhoc surveys.

Centralized source to capture issues, observations and recommendations and making them into actionable items with due dates

Report generation timelines reduced from weeks and days to a few hours and minutes.

DESIGNED TO ADDRESS INDUSTRY NEEDS

Healthcare & Hospitals

Contract Management in Healthcare Industry
Helps meet all HIPAA risk assessment, certification validations, FWA attestation and stop list validations.

Financial Services

ComplyScore GRC, Vendor Governance, Information Security
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

Track, evaluate and monitor vendors in Manufacturing Industry
Meet regulatory requirements related to Conflict of Minerals, REACH, ROHS as well as hazardous material management.