Your Roadmap for Vendor Risk Management Software Approval and Implementation
Demands on your third-party vendors are increasing as your organization looks to increase value and innovation. As a chief risk officer or risk manager, you must intensify your vendor risk management (VRM) program to align with this increased demand.
At the same time, what can you do if time and resources are tight? Careful planning is essential. Even if you’ve done the research and found the best VRM software solution, the next step is getting approval. That means having a strategic vision for vendor management you can share with key decision makers. We’ve developed a roadmap for implementation that offers tips for approval.
Points of Pain in Vendor Risk Management
Today’s risk managers face challenges that go well beyond cost optimization and vendor performance monitoring. New risks arise every day from an ever-evolving risk management industry.
Cloud delivery models, reduced cycle times and an increasingly digital economy are reshaping the landscape. Regulatory requirements are always in flux. Vendors require more attention than in the past. The C-suite may misunderstand or have low confidence in risk management unless transparency and communication are prioritized. Most importantly, you may not have the proper staff and resources to achieve vendor management goals.
These require radical changes to your vendor management.
Planning Your Next Steps
You need a convincing plan to get approval to execute your VRM program. That means:
- Identifying the Problem
- Planning a VRM Solution
- Presenting it to the Board
- Continuous Review
If implemented correctly, a robust vendor risk management program can increase efficiencies and reduce the challenges of managing vendors.
Check out our Roadmap to VRM Software Approval and Implementation
Benefits of VendorInsight®’s Proven Vendor Risk Management Solution
VendorInsight® delivers the most effective vendor risk management software for banks, credit unions, financial services companies and other industries. The easy-to-use software and VRM tools help automate your vendor management process and strengthen your vendor management program.
VendorInsight® guarantees an internal rate of return. The one-time initial setup costs less than a single full-time employee. As a SaaS, VendorInsight® is also less expensive than installed solutions. All of this contributes to time for you to devote to more important organizational matters.
VRM is swiftly transforming, both in terms of its depth and reach. To support business goals, drive value through the vendor ecosystem and minimize exposure to vendor risks, you need a vision and enterprise-wide support.
As risk manager, you are the spokesperson and are responsible for convincing stakeholders that your VRM roadmap, when executed, will optimize your company’s risk culture and deliver ROI. Download the infographic to have a tool to convince your board that VendorInsight® is the best Vendor Risk Management software solution.