Vendor Risk Management
With LogicManager everything you need to manage vendor risk and resolve long standing deadlocks on critical issues is addressed by bringing all points of view together to make better decisions and shift confrontation to collaboration.
LogicManager recognizes that due diligence of a contract renewal is a risk assessment, that the contract terms are mitigation activities for those risks and SLA’s are just another name for risk monitoring activities. By applying a common set of standards, LogicManager will use your organization’s existing investment in vendor management activity to uncover the redundancies across the enterprise and streamline the many touch points of your vendors including finance, legal, IT, security, audit, compliance and process owners to name a few.
In addition to identifying critical vendors, based on their risk score, your follow-up actions on changes in risk profile are prioritized and related process owners are notified.
Incident management streamlines the reporting and tracking of vendors through to resolution and includes investigations, email notifications with workflow covering threaded discussions, and escalation.
LogicManager enables you to:
- Identify key vendors using a weighted risk score based on evalulation criteria standardized across functional areas.
- Manage all vendor information, including vendor profiles, contacts, facilities, products, services and contracts.
- Use tasks and reminders to track vendor compliance with all relevant company policies, procedures and regulatory requirements.
- Manage all documents for each vendor profile all in one place including contract, SAS70 verifications, etc.