Vendor Oversight Program Software

Proper oversight of your vendors helps your organization continuously perform well. Streamline your due diligence using LogicManager’s Vendor Program Oversight solution package.
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What is a Vendor Oversight Program?

Vendors – good ones, that is – are critical for powering any successful business operation. Having a formalized oversight process for your vendors ensures that each of your vendors are consistently getting the proper review that they deserve. This is critical to ensure that your organization is not taking on risks it can’t afford; risks that originate at the source of a third party. 

At a minimum, LogicManager’s automated Vendor Oversight Program solution package helps you become aware of threats before they turn into public scandals. Keep reading to learn more about how our robust application can help protect you from risks and foster success.

Risks

As we like to say, you can outsource processes, but you can’t outsource risk. Just because a vendor is completing a process for you doesn’t mean that at the end of the day your organization doesn’t hold any of the risks associated with that process. If your vendors are providing services that are customer-facing and they are not meeting the standards you and your customers hold your business to, they might take their business elsewhere. Customers don’t care if a mishap or scandal’s root cause lies with your vendor – at the end of the day, you allowed a risk to manifest and impact their experience. 

So what are the risks of lacking a formalized vendor oversight process? Chances are, you’ll waste time and money dividing those tasks amongst full-time employees, who could be spending their time helping your company earn more money rather than performing manual administrative tasks. Additionally, your program will be subjected to human error, meaning important due dates and contract requirements could be missed, leading you to re-enter an agreement you were planning on canceling, or vice versa.

Achieve your Vendor Oversight Program with LogicManager

Centralize your information

The Vendor Program Oversight solution package provides you with the ability to keep all of your critical vendor and policy information in one place:

      • Centralized repository of vendors: Many organizations are required to keep and maintain a repository of their third parties. LogicManager offers an organized, well-documented system to keep track of all relevant information related to your vendors. This means you’ll never lose track of important deadlines, contract terms and reports. Take this one step further and create a centralized repository of all the associated documents, so you can easily find related material without needing to go digging through unorganized folders.
      • Centralized repository of policies: It’s also commonly required of organizations to keep a repository of the policies and procedures that they follow. With LogicManager, you’ll have a systematic way of ensuring that your policies are being kept up to date and regularly reviewed. Then, tie these policies to vendors to ensure the oversight process you have in place is well documented and accessible to all necessary parties.

Satisfy examiners

Having a well-documented process for reviewing and regulating the vendors you work with provides examiners with the assurance they need that you’re doing your due diligence and things are working properly. Examiners will often ask for evidence that you are following those procedures for a group or sampling of your vendors. With the centralized system, you will have a full history of when you reviewed your vendors, the policies and procedures you followed to review them and the outcome of each oversight review.

Automate your processes

Having a robust vendor software like LogicManager reduces the number of people and the amount of time it takes to run your vendor oversight program. It also frees up the time of your employees so that they can focus on more strategic goals (e.g. reviewing your vendors, determining where you need additional controls in place, identifying ones that are causing issues, etc.).

LogicManager’s Vendor Oversight Program Solution

Here’s what you can expect with LogicManager’s Vendor Oversight Program solution package: 

  • An out-of-the-box vendor and policies form that can be customized to fit the unique needs of your organization’s oversight reviews. 
  • The ability to attach relevant documents to your vendor and policy profile, making it easy to ensure all information is housed centrally and can be reviewed together.
  • Automated workflows to streamline task assignment, from initial review, to ongoing due diligence, to approvals and more. These workflows are configurable and visual to help your teams understand protocols and make it easy to report to regulators.
  • Streamline questionnaires in your oversight process to only ask the applicable questions. This way, you get the level of detail that you need from the parties involved without being unnecessarily overwhelming.
  • Our system will automatically calculate the criticality of your vendors for you. This takes out the subjectivity of reviews, ensuring that all vendors are classified according to a pre-set criteria.
  • Maintaining a vendor repository is just one part of a wider governance process. LogicManager is a GRC platform, so you’ll be able to clearly see how vendors impact other areas of your organization. 
  • Our robust reporting engine generates all the information you need at your fingertips:
    • The Overdue Tasks report allows you to easily stay on top of who is behind and holding up the oversight efforts.
    • Vendors by Criticality is a report that displays your most critical vendors, as well as key details about them so you can determine where you should be spending your time and resources.  
    • Create a Vendor Scorecard displaying the most important information about a specific vendor. This can be shared with the vendor owner or auditors who are looking for details on that particular vendor.

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Vendor Oversight Program Tools

Want to learn how LogicManager’s Vendor Oversight Program solution package can help transform your vendor management process? Start by requesting a free demo today.

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