Keep a centralized repository
By leveraging LogicManager’s vendor onboarding solution, your organization will be positioned to efficiently and effectively manage risk. We provide a centralized repository of all your vendors, which many organizations are required to maintain. Having a documented system in place for adding new vendors will ensure that this repository is always up to date. On top of that, you’ll never lose track of necessary information about your vendors; renewal dates and key contract terms like obligations and liabilities are all maintained within an all-in-one hub. With all of this information at your fingertips, it’s easy to confirm accuracy in reports for regulators or the board.
With vendor agreements comes documentation. LogicManager’s vendor onboarding package allows you to keep all associated vendor documentation, like contracts, financials, SOC reports, etc.) in one centralized hub. This means that any time you need information on a vendor, you won’t waste time searching for it through unorganized shared drives or desktop folders.
Having a well-documented and formalized vendor onboarding process provides examiners with the assurance they need to know that your program is working properly. Oftentimes, examiners will look at a sampling of your vendors to look for evidence that you’re following all of the necessary procedures. With a centralized system housing the full history of your relationship with each vendor along with their onboarding processes and their documentation allows you to quickly and easily provide examiners with the evidence they’re looking for.
Take a risk-based approach
Your time and resources are limited and valuable, and taking a risk-based approach to your vendor onboarding program ensures that you’re spending them wisely. Different vendors require different information from different subject matter experts within the organization, depending on their characteristics (e.g. Compliance, Business Continuity, InfoSec, Legal and Finance). Avoid bogging your teams down in unnecessary reviews by routing only relevant vendors for their review. If it’s a low risk vendor, such as a caterer or a pen and paper supplier, you can route action items to the appropriate parties automatically without having to manually send out emails or reminders. Our risk-based solution also ensures that you’re aware of which vendors are most critical to your company’s operations. This way, you can dedicate additional time to conducting the necessary due diligence on them and identify which departments and teams are reliant on these vendors. Should there ever be an issue, you’ll know who you need to get in touch with immediately to resolve it.
Automate your processes
Using LogicManager’s vendor software reduces the number of FTEs or consultants required to run your onboarding program. This is because it frees up time they would normally spend on manual or task-based activities, like following up on requirements or chasing down documentation. This way, they can stay focused on the most strategic goals within their job description. This leaves more time for reviewing vendors to determine which ones are out of your risk tolerance, where you need additional controls in place and which ones are causing issues.
When you operate within silos – especially when you work with multiple vendors – those responsible for managing certain vendors may not know what their colleagues on other teams are doing. Having a formalized process for onboarding your vendors ensures that each vendor gets the proper review that they need. LogicManager identifies redundancies across your vendor base, eliminating silos and ensuring that a vendor offering a similar service does not already exist. This ultimately cuts costs for your organization because you’re not spending money on entering into multiple vendor agreements that provide duplicative services.