THE
ART AND SCIENCE
OF
VENDOR ENGAGEMENT

THE
ART AND SCIENCE
OF
VENDOR ENGAGEMENT

Gain increased value from your vendors through an Integrated Third-Party Governance & Risk Management (i-TPGRM) solution.

A paradigm-shift is happening that requires organizations to adopt a new mind-set and technology-set when managing third-party relationships.

Digitally transforming organizations are shifting from pure ‘Cost’ focus to a cost plus ‘Shared Risk’ & ‘Value’ focus when engaging with strategic third-party vendors which is also a growing reflection of organizational recognition that third-parties can in-fact create strategic win-win opportunities.

These new age partnerships require a different approach to managing third parties. Organizations cannot view risk as a stand-alone factor when engaging with a third-party. That's why organizations need to integrate relationship, governance and risk management when dealing with Third Parties.

  • OVERVIEW
  • FEATURES
  • BENEFITS
  • See IT. Believe IT.

Strengthening Relationship

  • A relationship that is not effectively managed will not yield the intended benefits.
  • Governance and relationship management has to go beyond setting up regular cadence with your third parties and should cover basic Relationship Management tools like vendor management office, cadence, issue resolution, escalation management and periodic reviews that will be needed by VMO to manage and govern relationships.

Driving Performance

  • Unable to realize the value from your third party relationships? 
  • Is your organization looking to implement a Performance Management program that supports a partnership-based approach focused more on outcome?
  • A robust performance management solution should cover an end-to-end performance management cycle from creating performance scorecards, risk-reward model, KPIs/SLAs, service level reporting, review and approval workflows.

Contract Compliance

  • Struggling with contracts all over the place, inconsistent templates, unable to track contract compliance? Is your organization looking to streamline the Contracts Management process?
  • Our secure in-browser based contract authoring, review, approval and execution flow avoids numerous back and forth emails sharing red-lined contract documents with vendors. 
  • Our contracts processor and analyzer will read, analyze, and process contracts and detect any contractual controls risk leveraging Artificial Intelligence.

Controlling Cost

  • The ability to understand your organizations spend with vendors, the invoice tracking and management process, ability to cross reference the rates / pricing will greatly help in achieving your cost savings goal.
  • Our platform will help with spend and invoice analysis leveraging Artificial Intelligence.

Mitigating Risk

  • Risk Management involves several steps from risk identification, assessment, control, monitor and report. 
  • Risk Identification is the process of determining risks that could potentially prevent an enterprise from achieving its objectives.

Igniting Innovation

  • Typically, innovation is promised in many agreements and poorly managed or tracked. Organizations can in-fact create strategic win-win opportunities with their relationships with third parties. 
  • Is your organization able to launch innovation challenges to collaboratively nurture and evaluate new ideas that will help your organization stay-ahead of the competition?
  • VENDOR MANAGEMENT OFFICE
  • CONTRACTS MANAGEMENT
  • PERFORMANCE MANAGEMENT
  • FINANCIAL MANAGEMENT
  • RISK MANAGEMENT
  • INNOVATION

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.

STANDARD TEMPLATES

Ensure consistency and compliance when it comes to contracts with your vendor partners. Provide your organizations standard templates that can easily be copied and edited by your vendor partners.
This will help in ensuring that any standard clauses needed for regulatory compliance or any contractual controls are not missed.

SECURE IN-BROWSER EDITING & COLLABORATION

A complete Contracts Authoring, Review,  Approval and Execution workflow. Harness the power of document automation & rich-text editing, securely inside the application. Stop emailing back and forth contract documents for every redlined version. Also, if online document editing tools like Word Online or Google Docs exceed your customers’ risk tolerance, ENGAIZ’s Contract Management can come handy with its secure in-browser in-application editing capability. It also provides all standard clauses to ensure consistency across your vendor partners.

DIGITAL SIGNATURE

Integrated with eSignature features capable of workflow.

CONTRACT ANALYZER

Stay compliant in terms of keeping all your Contracts current and renew it well ahead. Automatically, manage compliance on deliverables, milestones, scope changes with your vendors.

For both Enterprise Customers and their Vendor Partners – Shorten cycle to review contracts (Service Agreements, Master Service Agreements, Statement of Work). Our contract analyzer highlights areas you need to pay attention.

PERFORMANCE SCORECARD

Manage KPI/SLA Library - Add, Edit, Delete

The platform provides enterprises to define their own KPI/SLA Library. 

Each KPI/SLA are categorized

  • as Leading or Lagging or Current Indicators
  • as Qualitative or Quantitative indicators

Define Performance Scorecard

This module allows organizations to create two types of Scorecard Flows:

Vendor Only - This scorecard allows for only Vendors to update the SLA achievement and for Customers to review and approve

Collaborative - This scorecard allows both Vendors and Customers to enter the SLA achievement from each others perspective, collaboratively review the SLA report and agree on the final scores. While the intent is to adopt a collaborative relationship driven approach, the final approval resides with the customer.

Report Service Levels

The platform allows third-party vendors to report service levels achieved by selecting the appropriate performance scorecard

Review & Approve Scorecards

The assigned Approver (Vendor Relationship Manager or the contract owner) will be able to review and approve performance service level reports and be able to see details of individual SLAs.

CUSTOMER SATISFACTION

Voice of your IT and Business Customer is very important.

The platform provides outsourcing organizations with a robust customer satisfaction (CSAT) and executive satisfaction (ESAT) survey management module. This module allows organizations to create custom master survey templates which can be used to send quick surveys to gather feedback on one or more third parties and mandate improvement plans.

ENGAGEMENT HEALTH

See a single consolidated view of all your vendors project/service portfolio. Be able to track the project / services health and take proactive actions.

SPEND ANALYSIS

Perform detailed Spend Analysis on your strategic vendors. Understand the spend with vendors and figure out mechanisms to track and control costs.

INVOICE ANALYSIS

Manage and track vendor invoices.

RATE CARD ANALYSIS

Perform detailed rate card analysis against industry benchmarks.

RISK IDENTIFICATION & TIERING
Risk identification is the process of determining risks that could potentially prevent an enterprise from achieving its objectives.

The platform provides the ability to:

  • Conduct preliminary due diligence
  • Categorize vendors based on their criticality and inherent risk
  • Vendor and Non-Vendor relationships
RISK ASSESSMENT & DUE DILIGENCE
 
Risk Assessment is the process of assessing and analyzing identified risks. The platform provides the ability to: 
 
  • Ability to initiate Risk Assessments and send questionnaire to one or more third parties 
  • Ability to initiate specialized / custom risk assessments 
  • Ability to customize additional risk assessment questionnaire and map to regulatory bodies 
  • Ability to review, track, follow-up and close on third party responses 
  • Ability to 'override' vendor response and add review comments 
  • Automated evaluation and assignment of Risk Assessment Score 
  • Remediation Plans
RISK CONTROLS ASSESSMENT 
 
Risk Controls help mitigate or reduce the impact of a risk. Controls Assessment is the process of assessing and analyzing whether a third-party has adequate controls designed and properly implemented including the effectiveness of the controls. An improperly designed control or an ineffective control does not serve the purpose of mitigating risks. Thus, controls need to be tested periodically and certified by a competent risk controls expert. 
 
The platform provides the : 
 
  • Ability to see a consolidated view of all vendors Control Assessments and findings 
  • Ability to Initiate or Schedule a Controls Assessment with one or more vendors. 
  • Ability to perform or verify all Controls. 
  • Allows Risk Managers to map Inherent Risks to appropriate mitigating Controls 
  • Ability to define the Control Effectiveness Rating 
  • Automated mechanism to calculate the Residual Risk score based on controls effectiveness
ALERTS & CONTINUOUS RISK MONITORING 
 
Ability to continuously monitor to receive smart alerts and trigger actions. Organizations can integrate the following to monitor third-parties on a near real-time basis.
 
  • Cybersecurity Ratings
  • Financial Health Ratings
  • Sanctions, PEP, Adverse Media Insights
  • Country Risk
  • Reputation Risk
MANAGEMENT REPORTING & DASHBOARDS 
 
Ability to share reports to internal management and external auditors / examiners. Some standard reports are listed below.
 
  • List of Third Parties by Criticality and Risk
  • List of vendors and non vendors, 4th parties
  • List of vendors by category and service types
  • Management Risk Dashboard
  • Third-Party Risk Assessment Report
  • Third-Party Control Assessment Report
  • Contract Cancellation Deadlines
  • Overdue Periodic Reviews
  • Vendors with access to NPPI
  • Missing Critical Documents
  • Expiring Critical Documents
  • Cloud Providers (public & private)
  • Exception Reports

INNOVATION CHALLENGE

Experience the power of Enterprise Crowdsourcing by launching an innovation challenge. Any problem can be solved when diverse brains get together.

IDEATION LAB

Review all ideas, solutions, opportunities submitted by your vendor partners.

Benefits

ENGAIZ helps strengthen Vendor Relationship, identify opportunities for Cost Control, drive Service Excellence and Mitigate Vendor Risks.

Faster Time to Maturity

Our platform will help you accelerate the third-party governance and risk management program.

If your organization has no standard framework and best practice, our out-of-box fully customizable solution can help you get started quickly and propel you towards higher levels of maturity.

Stay Compliant

Show you are compliant to your internal and external auditors, senior management and the board.

Increase Efficiency; Cut Cost

Save resource efforts and time.

Thanks to the platforms digital and cognitive capabilities. Your organization will reduce the amount of operational challenges running a vendor management program.

Cut silos

Manage and Govern all your third-parties centrally following a standard process

Drive Excellence & Innovation

Move from a focus on ‘Cost Savings’ to a focus on ‘Risk Sharing’ partnerships that fosters a culture of Innovation.

Platform Overview

We are glad to schedule an exclusive demo before you are able to experience a no-obligation free trial subscription to ENGAIZ

Platform Overview – A Sneak Preview

ENGAIZ’s Integrated Third-Party Governance & Risk Management can help your organization unlock value from your third-parties.

Overview video coming Soon.

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.

STANDARD TEMPLATES


Ensure consistency and compliance when it comes to contracts with your vendor partners. Provide your organizations standard templates that can easily be copied and edited by your vendor partners.
This will help in ensuring that any standard clauses needed for regulatory compliance or any contractual controls are not missed.


SECURE IN-BROWSER EDITING & COLLABORATION


A complete Contracts Authoring, Review,  Approval and Execution workflow. Harness the power of document automation & rich-text editing, securely inside the application. Stop emailing back and forth contract documents for every redlined version. Also, if online document editing tools like Word Online or Google Docs exceed your customers’ risk tolerance, ENGAIZ’s Contract Management can come handy with its secure in-browser in-application editing capability. It also provides all standard clauses to ensure consistency across your vendor partners.


DIGITAL SIGNATURE


Integrated with eSignature features capable of workflow.


CONTRACT ANALYZER


Stay compliant in terms of keeping all your Contracts current and renew it well ahead. Automatically, manage compliance on deliverables, milestones, scope changes with your vendors.


For both Enterprise Customers and their Vendor Partners – Shorten cycle to review contracts (Service Agreements, Master Service Agreements, Statement of Work). Our contract analyzer highlights areas you need to pay attention.

PERFORMANCE SCORECARD


Manage KPI/SLA Library - Add, Edit, Delete


The platform provides enterprises to define their own KPI/SLA Library.


Each KPI/SLA are categorized

  • as Leading or Lagging or Current Indicators
  • as Qualitative or Quantitative indicators

Define Performance Scorecard


This module allows organizations to create two types of Scorecard Flows:


Vendor Only - This scorecard allows for only Vendors to update the SLA achievement and for Customers to review and approve


Collaborative - This scorecard allows both Vendors and Customers to enter the SLA achievement from each others perspective, collaboratively review the SLA report and agree on the final scores. While the intent is to adopt a collaborative relationship driven approach, the final approval resides with the customer.


Report Service Levels


The platform allows third-party vendors to report service levels achieved by selecting the appropriate performance scorecard


Review & Approve Scorecards


The assigned Approver (Vendor Relationship Manager or the contract owner) will be able to review and approve performance service level reports and be able to see details of individual SLAs.


CUSTOMER SATISFACTION


Voice of your IT and Business Customer is very important.


The platform provides outsourcing organizations with a robust customer satisfaction (CSAT) and executive satisfaction (ESAT) survey management module. This module allows organizations to create custom master survey templates which can be used to send quick surveys to gather feedback on one or more third parties and mandate improvement plans.


ENGAGEMENT HEALTH


See a single consolidated view of all your vendors project/service portfolio. Be able to track the project / services health and take proactive actions.

SPEND ANALYSIS


Perform detailed Spend Analysis on your strategic vendors. Understand the spend with vendors and figure out mechanisms to track and control costs.


INVOICE ANALYSIS


Manage and track vendor invoices.


RATE CARD ANALYSIS


Perform detailed rate card analysis against industry benchmarks.

RISK OVERSIGHT & 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.

INNOVATION CHALLENGE


Experience the power of Enterprise Crowdsourcing by launching an innovation challenge. Any problem can be solved when diverse brains get together.


IDEATION LAB


Review all ideas, solutions, opportunities submitted by your vendor partners.

Features

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.
STANDARD TEMPLATES

Ensure consistency and compliance when it comes to contracts with your vendor partners. Provide your organizations standard templates that can easily be copied and edited by your vendor partners. This will help in ensuring that any standard clauses needed for regulatory compliance or any contractual controls are not missed.

SECURE IN-BROWSER EDITING & COLLABORATION

A complete Contracts Authoring, Review,  Approval and Execution workflow. Harness the power of document automation & rich-text editing, securely inside the application. Stop emailing back and forth contract documents for every redlined version. Also, if online document editing tools like Word Online or Google Docs exceed your customers’ risk tolerance, ENGAIZ’s Contract Management can come handy with its secure in-browser in-application editing capability. It also provides all standard clauses to ensure consistency across your vendor partners.

DIGITAL SIGNATURE

Integrated with eSignature features capable of workflow.

CONTRACT ANALYZER

Stay compliant in terms of keeping all your Contracts current and renew it well ahead. Automatically, manage compliance on deliverables, milestones, scope changes with your vendors.

For both Enterprise Customers and their Vendor Partners – Shorten cycle to review contracts (Service Agreements, Master Service Agreements, Statement of Work). Our contract analyzer highlights areas you need to pay attention.
PERFORMANCE SCORECARD

Manage KPI/SLA Library – Add, Edit, Delete

The platform provides enterprises to define their own KPI/SLA Library.

Each KPI/SLA are categorized

  • as Leading or Lagging or Current Indicators
  • as Qualitative or Quantitative indicators

Define Performance Scorecard

This module allows organizations to create two types of Scorecard Flows:

Vendor Only – This scorecard allows for only Vendors to update the SLA achievement and for Customers to review and approve

Collaborative – This scorecard allows both Vendors and Customers to enter the SLA achievement from each others perspective, collaboratively review the SLA report and agree on the final scores. While the intent is to adopt a collaborative relationship driven approach, the final approval resides with the customer.

Report Service Levels

The platform allows third-party vendors to report service levels achieved by selecting the appropriate performance scorecard

Review & Approve Scorecards

The assigned Approver (Vendor Relationship Manager or the contract owner) will be able to review and approve performance service level reports and be able to see details of individual SLAs.

CUSTOMER SATISFACTION

Voice of your IT and Business Customer is very important.

The platform provides outsourcing organizations with a robust customer satisfaction (CSAT) and executive satisfaction (ESAT) survey management module. This module allows organizations to create custom master survey templates which can be used to send quick surveys to gather feedback on one or more third parties and mandate improvement plans.

ENGAGEMENT HEALTH

See a single consolidated view of all your vendors project/service portfolio. Be able to track the project / services health and take proactive actions.
SPEND ANALYSIS

Perform detailed Spend Analysis on your strategic vendors. Understand the spend with vendors and figure out mechanisms to track and control costs.

INVOICE ANALYSIS

Manage and track vendor invoices.

RATE CARD ANALYSIS

Perform detailed rate card analysis against industry benchmarks.

RISK IDENTIFICATION & TIERING
Risk identification is the process of determining risks that could potentially prevent an enterprise from achieving its objectives.

The platform provides the ability to:

  • Conduct preliminary due diligence
  • Categorize vendors based on their criticality and inherent risk
  • Vendor and Non-Vendor relationships
RISK ASSESSMENT & DUE DILIGENCE
 
Risk Assessment is the process of assessing and analyzing identified risks. The platform provides the ability to: 
 
  • Ability to initiate Risk Assessments and send questionnaire to one or more third parties 
  • Ability to initiate specialized / custom risk assessments 
  • Ability to customize additional risk assessment questionnaire and map to regulatory bodies 
  • Ability to review, track, follow-up and close on third party responses 
  • Ability to ‘override’ vendor response and add review comments 
  • Automated evaluation and assignment of Risk Assessment Score 
  • Remediation Plans
RISK CONTROLS ASSESSMENT 
 
Risk Controls help mitigate or reduce the impact of a risk. Controls Assessment is the process of assessing and analyzing whether a third-party has adequate controls designed and properly implemented including the effectiveness of the controls. An improperly designed control or an ineffective control does not serve the purpose of mitigating risks. Thus, controls need to be tested periodically and certified by a competent risk controls expert. 
 
The platform provides the : 
 
  • Ability to see a consolidated view of all vendors Control Assessments and findings 
  • Ability to Initiate or Schedule a Controls Assessment with one or more vendors. 
  • Ability to perform or verify all Controls. 
  • Allows Risk Managers to map Inherent Risks to appropriate mitigating Controls 
  • Ability to define the Control Effectiveness Rating 
  • Automated mechanism to calculate the Residual Risk score based on controls effectiveness
ALERTS & CONTINUOUS RISK MONITORING 
 
Ability to continuously monitor to receive smart alerts and trigger actions. Organizations can integrate the following to monitor third-parties on a near real-time basis.
 
  • Cybersecurity Ratings
  • Financial Health Ratings
  • Sanctions, PEP, Adverse Media Insights
  • Country Risk
  • Reputation Risk
MANAGEMENT REPORTING & DASHBOARDS 
 
Ability to share reports to internal management and external auditors / examiners. Some standard reports are listed below.
 
  • List of Third Parties by Criticality and Risk
  • List of vendors and non vendors, 4th parties
  • List of vendors by category and service types
  • Management Risk Dashboard
  • Third-Party Risk Assessment Report
  • Third-Party Control Assessment Report
  • Contract Cancellation Deadlines
  • Overdue Periodic Reviews
  • Vendors with access to NPPI
  • Missing Critical Documents
  • Expiring Critical Documents
  • Cloud Providers (public & private)
  • Exception Reports
INNOVATION CHALLENGE

Experience the power of Enterprise Crowdsourcing by launching an innovation challenge. Any problem can be solved when diverse brains get together.

IDEATION LAB

Review all ideas, solutions, opportunities submitted by your vendor partners.

Benefits

ENGAIZ helps strengthen Vendor Relationship, identify opportunities for Cost Control, drive Service Excellence and Mitigate Vendor Risks.

Faster Time to Maturity

Our platform will help you accelerate the third-party governance and risk management program.

If your organization has no standard framework and best practice, our out-of-box fully customizable solution can help you get started quickly and propel you towards higher levels of maturity.

Stay Compliant

Show you are compliant to your internal and external auditors, senior management and the board.

Increase Efficiency; Cut Cost

Save resource efforts and time.

Thanks to the platforms digital and cognitive capabilities. Your organization will reduce the amount of operational challenges running a vendor management program.

Cut silos

Manage and Govern all your third-parties centrally following a standard process

Drive Excellence & Innovation

Move from a focus on ‘Cost Savings’ to a focus on ‘Risk Sharing’ partnerships that fosters a culture of Innovation.

Platform Overview

We are glad to schedule an exclusive demo before you are able to experience a no-obligation free trial subscription to ENGAIZ

Platform Overview – A Sneak Preview

ENGAIZ’s Integrated Third-Party Governance & Risk Management can help your organization unlock value from your third-parties.

Overview video coming Soon.