Delivering Vendor Risk Management Solutions
In this current economic climate, risk management is more important than ever. Companies only beginning to develop risk management programs haven’t yet realized the potential benefits of a structured solution for managing vendors. This includes reducing costs and risks while creating a competitive advantage against organizations who aren’t managing their risk.
Risk management delivers significant value to the bottom line. Here are five reasons vendor risk management can improve your business.
Assessment tools, features and automation allow organizations to spend less time monitoring and categorizing vendors, and more time analyzing risk impact. Intuitive reporting and visualization will help communicate relevant data in a concise manner to enhance the decision-making process for organizational leaders.
Your organization may be losing a substantial amount of money annually by allowing contracts to auto-renew. This can include services that you no longer want or need, and contracts renewing with a price increase without negotiation. When you have the visibility to your contracts, you can stop throwing money away. Automation provides the tools to understand exactly which costs will increase, when and by how much.
Staff Time vs Automation
Effective risk management and sustainably consistent business practices can be automated through a vendor management solution. Using automated workflows increases productivity and frees up staff time, strengthens your vendor risk management program, enables easy collaboration and reduces employee workloads for assessing risk and managing due diligence. Simple, powerful dashboards and reporting also simplify oversight, freeing up management and executive time.
Scalability, Security, Stability
As your company grows, be sure your solution can grow with you. Organizations are quick to adopt technology but have a difficult time identifying all potential risks including a disruption or data breach. To prevent this, you need value-oriented configurations with the option to grow into advanced, full-featured implementations. You need a system that quickly and easily adapts to your changing needs at every stage in your company’s lifecycle.
Implementation of automated VRM into your business shouldn’t take months. If you want to capture ROI quickly and avoid time-intensive transitions, look for a Software as a Service solution with a short on-ramp that is easily configurable and up-to-date.
For a deeper dive into the five reasons risk management is a must for your organization, or to help convince your peers and fellow leaders in your company, download this infographic for facts and details about the impact of vendor risk management on an organization.