POLICIES & PROCEDURES
Ensure your organization has written policies and procedures when it comes to Third-Party Vendor Management Program, Risk Management Program, Roles & Responsibilities, Authority Levels.
VENDOR ON-BOARDING & CATEGORIZATION
Vendor Due-Diligence & Categorization provides enterprise users (outsourcing organization) the ability to perform preliminary due-diligence on their third parties and categorize them based on
Criticality and
Inherent Risk.
Categorization of Third Parties are done based on a streamlined set of questions to better understand the institution’s risk profile. It also helps the institution focus its efforts on monitoring the vendors with the highest risk profiles.
Due Diligence is the process of collecting information that provides management with the information needed to address qualitative and quantitative aspects of potential third parties to determine if a relationship would help achieve the institution’s strategic and financial goals and mitigate identified risks.
CENTRALIZED DOCUMENT REPOSITORY
Ability to manage and track vendor related documents all in one place. Quickly locate vendor contracts, invoices and other key documents.
VMO TOOLS
Ability to manage and track vendor related documents all in one place. Quickly locate vendor contracts, invoices and other key documents.
Survey Management – A simple to use survey management tool which allows organizations to create survey templates for Customer Satisfaction Surveys or Employee Engagement Surveys
Performance Scorecard Management –
The platform provides outsourcing organizations with a robust performance management module. This module allows organizations to build performance scorecards from standard templates and assign to vendors:
- Define Service Levels or KPIs and develop custom Performance Scorecards.
- Customize different scorecard workflows
- Ability to develop multiple scorecards per service provider depending on the type of contracts.
- Allows third party vendors to report on Service Levels on a monthly basis.
- Allows Contract Owners or Business Owners to review third party vendor performances on a monthly basis and approve it.
Escalation Level Management –
Get a quick understanding of the vendor partner organization including their executive management and account management team structure.
Standard RFx Templates – A handy repository of all standard RFx templates.
REGULAR CADENCE
Vendor Management and IT/Business leaders will have the ability to schedule, track monthly, quarterly and annual business review meetings with their vendor partners. Enables organizations to track and manage all cadence meetings, meeting minutes and action items in one centralized view.
PERIODIC REVIEW & MONITORING
Depending on the criticality and inherent risk of your vendor partners, vendor management and IT/Business leaders will be able to auto-initiate a periodic review across key relationship dimensions and document the results / findings of the review.
- Vendor Risk Reviews
- Contract Reviews
- Financial Reviews
- Performance Reviews
ISSUES RESOLUTION & ESCALATION MANAGEMENT
Ability to centrally manage all vendor Issues, Disputes & Escalations. Have the ability to address any escalations raised by the lines of business serviced.
KEY PERSONNEL REVIEW
Know your key vendor personnel’s. Spot early trends on resource attrition or any frequent changes happening within your vendor partners account or delivery organization.