Third-party involvement in the modern business world has become a norm knowing the enormous supply chain efficiencies from specialization that can be promised. The lack of a cohesive approach in managing compliance and risks management aspects involving third parties has become a major challenge across industries constraining optimization of speed to market and cost of operations. The end-to-end value chain of today’s companies depend on third-party performance and its ability to proactively be informed of the supply chain constraints to keep their business performing at peak level. There are many interruptions and elevated risks that could affect third-party (Vendor, Partner, Statutory, etc.) operations such as financial, supply chain, natural disasters, and geopolitical issues. The increased risk of such compounded challenges calls for a streamlined, integrated, robust, self-managed, and proactive Digital Third-Party Risk & Compliance Management solution that assures implementation of:
- The standardization of third party management processes globally for on-boarding, qualification, due diligence, and risk assessment including performance, and termination
- Policy and compliance management across one or more business,/products, and /services
- Regulatory management and upkeep of ever-changing requirements
- Periodic monitoring and risk assessment including performance
- Third-party issue tacking & action
- Performance and analytical reporting
Some of the out-of-the-box quick success solutions include:
- End-to-end supplier management including onboarding, maintenance, monitoring, performance tracking, and off-boarding
- Online questionnaires and workflow to streamline the due diligence and follow on- risk assessment processes
- A self-service supplier portal to onboard new suppliers in the digital way
- Document collection, supplier alerts, and audit trail
- Integrations to Third- Party content providers and other packaged products
Value Proposition
Vivid Edge as a System Integrator and Implementation expert can evaluate your end- to- end Third- Party business needs to showcase the recommended TPM/GRC solutions roadmap and to bridge gaps as needed. While establishing a uniform, integrated and automated process, the solution can proactively flag and help avert risks and compliance gaps to avoid delays / re-works. Most importantly, this can help avoid large unexpected costs including compromise of brand and reputation.
