Vendor Governance: Deriving Value from Vendor Contracts
As the number of third-party vendors your business relies on grows, so does its exposure to a host of risks. That’s why you need a comprehensive vendor governance framework that ensures vendor relationships and risks are appropriately assessed, effectively managed, and consistently mitigated. ComplyScore’s vendor governance solution leverages technology and innovative tools to enhance your third-party risk management strategy.
As enterprises grow, their vendor list expands, too, and having standardized practices and processes in place to manage third-party vendors becomes even more essential.
Often referred to as vendor management, vendor governance is a management strategy that allows organizations to derive the greatest value possible from their vendors. This is usually achieved by controlling costs, increasing value, and mitigating risk.
Our rules-driven vendor governance solution allows for:
A high level of automation with respect to assessments, assignments, tasks, contract terms, and more.
Full life-cycle management from vendor request and intake to approval.
Long-term mutually-beneficial vendor partnerships that ensure your organization’s mission and objectives are fulfilled.
Over 60% of companies believe they lose an average of 25% of vendor contract value due to poor governance. Key vendor governance components are extensive and fall under 10 management categories:
We help organizations streamline their vendor management program across the entire lifecycle including due diligence, onboarding, contract performance tracking, risk assessment, issues, and remediation steps.
A recent case study illustrates how we do it. An expanding financial institution needed an experienced partner to guide it through best vendor governance practices that, among other things, helped automate workflows and reporting. A ComplyScore Vendor Governance Enterprise was customized to the organization’s specific needs and resulted in efficiently helping absorb the new pool of vendors from acquired entities.
Choosing the appropriate IT vendor governance strategy depends on which tools offer the unique features your organization needs. ComplyScore opens the door to a more effective vendor management program that ensures all critical activities are consistently managed across all stages of the vendor relationship.
Take the first step in building a foundation for sustainable performance and financial growth for your organization. Contact us today to schedule a demo and see how we can strengthen your vendor governance framework.