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Enterprise Vendor Management

Enterprise Vendor Management

IPI Solutions Nigeria Limited leverages RSA Archer Vendor Management to automates and streamlines the oversight of vendor relationships. This web-based vendor-management software facilitates risk-based vendor selection, relationship management, and compliance monitoring as part of a governance, risk management, and compliance (GRC) program.

With Vendor Management, you can establish a vendor management process by centralizing third-party data, reporting on activities related to vendor risk and performance, and consistently and repeatedly assessing suppliers. It offers the following features:

  • Vendor on-boarding – Evaluate prospective vendors and conduct a due diligence review to assure that third parties don’t pose unnecessary risks to your business. Based on the results, the vendor manager can approve vendors as active third-party suppliers.
  • Relationship management – Aggregate key vendor information including profiles, subsidiary hierarchy, subcontractor relationships, contacts, facilities, contracts and engagements, financial statements, Statement on Standards for Attestation Engagements (SSAE) 16s, and certificates of insurance.
  • Vendor risk assessments – Use preloaded questionnaires to evaluate inherent and residual risk across sustainability, diversity, information security, compliance and litigation, resiliency, strategic, financial, and fourth-party risk categories. In addition, you can import your own questions and quickly build new assessments. Once you’ve established your assessment, you can deliver online assessments to vendors and relationship managers. The system then calculates risk and compliance ratings and next assessment dates from the assessment results and allows you to modify scoring formulas through a point and- click interface. Organizations can assess the nature and status of each finding including vendor response and appropriate mitigation procedures and can track remediation task status.
  • Third-party performance review – Evaluate and monitor vendor relationships by tracking key performance indicators, service-level agreements (SLA) objectives, and deliverable status. The vendor scorecard provides an indicator for the vendor’s performance against predefined SLA metrics, enabling organizations to verify the vendor’s quality of work, mitigate risks, and drive continuous improvement.

Vendor Management benefits include:

  • Lower risk, greater compliance – Reduce reputational risk and ensure regulatory compliance by enforcing risk management policies and controls and standardizing your vendor assessment process.
  • Automation – Auto-calculate vendor tiers, risk ratings, next-scheduled review dates, and compliance monitoring status based on assessment results.
  • Savings – Lower resource and travel expenses to perform third-party risk analyses and maintain vendor oversight.
  • Current, holistic view – Understand risk exposure from vendor relationships and quickly deliver real-time information to management.
  • Time to value – Implement out of the box with predefined access roles, workflows, reports, and dashboards or tailor through point-and-click configuration.