How a Vendor Risk Management Platform Adds Hours Back In Your Day
Is your risk management process more of a full-time job? Do you dread checking your list for the day, knowing it will drain the whole day?
As a manager, you know risk management is critical to the success of your business. But you also know it’s a full-time job, and your employees already have full-time jobs as it is.
What if we said there’s a smarter way?
Vendor risk management platforms are designed to efficiently assess vendors on a recurring basis so no one falls through the cracks. This efficiency not only saves you time but makes risk management more effective.
What is a Vendor Risk Management Platform?
Vendor risk management is the process of ensuring that the use of service providers does not create an unacceptable potential for business disruption. Basically, you want to make sure that your vendors don’t create problems because of their unsafe or unsecure practices.
That sounds easy enough if you just have one vendor. But these days, that’s rarely the case. Businesses create more cost-effective operating models by relying on the services of many vendors . But there’s just not enough time in the day to track all of them.
You can’t afford to ignore it either. There’s a huge push driving the new focus on vendor risk management, including:
Managing specialist suppliers
Managing overseas suppliers
Changes in technology
A vendor risk management platform is a tool designed to answer this need. Instead of handling risk management manually, a risk management platform centralizes and simplifies the whole process.
The Old Way of Managing Risk
To understand why a platform approach makes sense, it helps to understand the old way of managing risk. Stop us if this sounds familiar.
Spreadsheets for days. Not knowing which spreadsheet is updated. Not knowing what spreadsheet to look for. Not having matching spreadsheets. Oh, and approximately ten million audit documents.
If that sounds like your way of managing risk, we’re here to tell you you’re doing it the hard way.
How a Vendor Risk Management Platform Changes the Game
A vendor risk management platform is more than just a tool. It’s a smarter way to manage risk. It’s a complete game-changer. And most of all? It’s a massive time-saver.
Our demo shows what that looks like in real-time, so take a look at how easy and efficient that system is here:
Overall, though, there are several benefits to vendor risk management platforms that translate directly into saved time.
First and foremost is the godsend of risk management: automation. Any good risk management system (like ours) will have the ability to pre-draft remediation tickets on a question-by-question basis ahead of time.
This significantly reduces administrative work for each assessment by leveraging technology to automate the creation and execution process
This is a huge efficiency boost. But more than that, it allows your human team to stop focusing on the minutiae and instead focus on how the minutiae add up to the bigger picture.
Because your system manages the details, you no longer need to worry about chasing one system versus another. You don’t need to teach your managers a new technique. And you don’t need to worry about compatibility.
Instead, your vendor risk management system offers one standardized method for handling everything. Everything matches, so you’ll always know where to find essential data. Nor will you need to worry about looking for one report versus another or what that means based on who generated it. The system will handle that for you.
A good vendor risk management system will also cut down on your reporting time by providing specialized reports for every level of your organization (all automatically) This includes:
Detailed data for the risk team
Summary reporting for the managerial team
Strategic insights for the board
We hate to toot our own horn, but we spent a lot of time on reporting capabilities and a comprehensive dashboard. We did this because we know how much time and effort goes into reporting and it’s essential that you are working with the right data.
Whatever VRM you use, it should consider dozens of risk indicators which you can then roll up or drill down to whatever reporting you need. It should also allow you to export your data or integrate via API to manipulate it in whatever business intelligence tools you already use.
Getting Your Hours Back
To put hours back in your day, you need to design and implement a repeatable method for executing the process of communicating and tracking findings. Thankfully a vendor risk management platform can make these easy tasks to accomplish. Here are three parts of the finding and remediation workflow that a platform makes more efficient:
Notifying vendors of findings: Tie findings to responses in the questionnaire and distribute remediation to third parties and track responses and resolutions.
Communicating with vendors: Leverage technology to automatically remind vendors of outstanding items and track items that are In-Remediation and ask for clear timelines for completion.
Assigning resolutions: Mark all findings with a resolution such as Resolved, Risk Accepted, or Failed and ensure communication, finding details, and proof of completion are stored together
A Better Way to Do Business
When you create a consistent vendor experience, standardize reporting, collect all your information in one place, and automate reporting tasks, your risk management team can focus on relevant details that might have flown under the radar. It could make the difference between a major security risk and an average day.
Plus, it’s a more professional way to do business. And in the end, both sides of the equation benefit from a professional relationship.
Let’s Give You Your Day Back
Tired of wasting time doing risk management the slow way? If so, let’s do risk management the right way–and give you back your day in the process.
Our mission is to help you ask the right question to the right vendor at the right time, and our vendor risk management solutions are what make that mission possible. Let’s change the way you manage risk. Get in touch today to get started.