Vendor Due Diligence Software Program

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Having positive vendor relationships is essential to running a successful organization. You can ensure you’re working with the best with LogicManager’s vendor management software.

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VETTED BY THE BEST FOR VENDOR DUE DILIGENCE

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Why Taking a Risk-Based Approach to Vendor Due Diligence is Important:

Business Professionals Vendor Management

How Our Vendor Due Diligence Solution Helps

  • LogicManager’s Custom Profile & Visibility Rules allow you to dynamically collect additional information and perform due diligence on a vendor based on the risks they pose (do they have access to PII?) or vendor type (what’s the nature of their product or service?) to better conserve time and resources for both new vendors and renewals.
  • Using our Resource Assessment, convert qualitative vendor data into quantitative assessment data to better understand the risks that a vendor poses and prioritize your time and resources to address them. 
  • LogicManager’s workflow capability can route vendors based on business logic (e.g. how critical they are to operations, which departments rely on them most, etc.) and automatically assign tasks and reminders for the appropriate parties to complete due diligence.
  • Leverage our Resource Management capability to store all of the information necessary about your vendors in one place – from their risks, to the due diligence that was performed, to tracking information on what tasks have been completed when and more.
  • Our Risk Analyzer AI technology automatically extracts vendor contract key terms like renewal date, WVOSB participation, and breach notification or BC/DR/CM/RM requirements to enable you to report on any parameter during your due diligence process.
  • Customize your LogicManager home screen so that it only displays your vendors’ most relevant action items to help eliminate distractions while they’re providing due diligence information.
  • Experience a robust Reporting & Dashboards system that makes it easy to build reports on overdue tasks, showcase vendors by criticality levels and much more.
  • Through our Integration Hub, seamlessly integrate with third-parties like BitSight or RiskRecon to automatically feed vendor risk information, or with applications like  DocuSign and Office365 to manage your contracts and documents, and NetSuite or any ERP or accounts payable system to keep your finance team up to date on which vendors you’re leveraging.

Bitsight

RiskRecon

Jira

Office365

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Vendor Due Diligence Program

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What Is Vendor Due Diligence?

Vendor due diligence is the process of assessing and evaluating third parties against a set of specific criteria. Ongoing due diligence should occur whenever there are changes to the scope of a vendor’s services, as well as on an ongoing, periodic basis. Completing ongoing due diligence through a risk-based approach helps you prioritize which vendors need monthly due diligence (i.e. critical or high-risk vendors), annual due diligence (i.e. medium-risk), or every other year (i.e. low-risk vendors). Vendor due diligence must be both comprehensive and efficient, which without automated software, means countless hours spent on paperwork and spreadsheet management. LogicManager’s vendor due diligence solution package enables you to streamline those processes across your entire organization.

Potential Vendor Due Diligence Risks

At LogicManager, we live by the fact that you can outsource processes, but you cannot outsource risk. But given the fact that vendor information can change at any time, it doesn’t matter how in-depth your vendor due diligence processes may be; at the end of the day, your organization is still vulnerable to the variety of evolving risks that your third parties face.

In 2013, Target fell victim to a security breach that gave hackers access to millions of customers’ sensitive information. On top of the $202 million they spent on legal fees, Target shelled out nearly $20 million in a multistate settlement. Their sales also decreased dramatically. The hackers gained access via a third-party POS system. In other words, the entire scandal could have been prevented had Target practiced proper vendor due diligence.

Customers don’t care if your vendor is ultimately to blame for an issue; the reputational damage is ultimately a forfeiture felt directly by your company. Not only will a scandal like Target’s impact your bottom line, but in the absence of software, consultants and additional FTEs hired to run your vendor due diligence efforts are never cheap.

If there is a critical change to one of your vendors, chances are that you won’t be informed immediately, which leads to blind spots. That’s why it’s critical to have processes in place for after you’ve collected due diligence information to ensure that you are performing your due diligence proactively on a regular basis.

Related Vendor Management Content

  • Why Is Third Party Risk Management Important?

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  • Vendor Risk Management Failure at J.M. Smucker Company

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Book a Demo For LogicManager’s
Vendor Due Diligence Software

Want to make sure you’re working with the best of the best? Book a demo for our vendor due diligence solutions package today!

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