Vendor Management Policy Software
Failing to formalize your policies surrounding vendor management exposes your organization to third party risk. Gain back control and streamline this critical process with LogicManager’s Vendor Management Policy solution package.
LogicManager’s Vendor Management Policy Solution
Here’s what you can expect with LogicManager’s Vendor Policy Management solution package:
- Using our taxonomy technology, house all of your policies in one place. Reference this same repository to be able to link policies back to relevant vendors in their respective library.
- Leverage our out-of-the-box policy profile and checklist built from industry knowledge and best practices. This serves as a starting point for beginning to document important information about your policies.
- Our policy management workflow, similar to the profile and checklist, comes with a standardized policy review and approval workflow. This will automate your entire review process and can be customized to meet your internal processes.
- Using the Policy Portal, you can track the policy attestations of your organization’s members. This ensures that all necessary parties are up to date on relevant parties, and allows you to keep a record of the last time those policies have been reviewed.
- Our reporting engine allows you to create custom reports and dashboards that fit your organization’s needs. Some common examples used for vendor policy management include the Policy Narrative report and Policy Management Dashboard.
Plus, connect LogicManager to all your critical vendor systems:
- Integrate LogicManager with your ERP or Accounts Payable system so that all systems are continuously up to date and payments never go out to vendors who have already been offboarded.
- Pull vendor risk data from other sources to ensure that you’re painting a full picture of the vendor risk at hand. By seamlessly integrating that information into your vendor management processes, you’ll be able to make better decisions about addressing your risks. Commonly integrated platforms include BitSight and Risk Recon.
Achieve Vendor Policy Management with LogicManager
Adapt in an ever changing environment
Support your and your vendors’ ever changing needs throughout the course of the pandemic and beyond. Having a centralized repository within LogicManager makes it easy to update policies as new regulations and requirements are revealed by state, local and federal bodies.
Take a risk-based approach
Adhering to policies ensures that you’re better able to mitigate risks associated with your third parties. Having formalized standards for what you are and are not willing to tolerate from a risk perspective helps you more easily determine who you should and should not work with.
Maintaining a policy library ensures that in the case of an incident, you can prove your organization was compliant. This will help you steer clear of expensive liabilities and lawsuits.
Automate your processes
By automating due diligence, review and attestation processes for your vendor policies, you decrease the chance of human error allowing critical information, due dates and tasks to fall through the cracks.
What is a Vendor Management Policy?
Considering the impacts of COVID-19, organizations have needed to keep up with frequently changing regulations both internally and for their vendors. To stay on top of these policies, it is critical to have a formalized process in place for updating policies and enforcing compliance. LogicManager has a point solution for this very process: our Vendor Management Policy package.
Outsourcing work does not mean that you are outsourcing risk. If your vendor makes a mistake that impacts your customers or bottom line, you’re going to be held responsible. When considering specifically their adherence to your organization’s policies, consider a timely example: if the public finds out you or your third parties are not adhering to COVID-19 guidelines, they’ll feel unprotected from the virus. This can lead them to stop frequenting your business and spread the word about your lack of protective policies.
Policies are put in place for a reason; they are there to ensure that you’re following the proper procedures to comply with any applicable regulations made to protect your employees, customers and stakeholders alike. If your vendors aren’t following these policies, aside from losing customers, there can be a high price tag for fines and legal fees resulting from noncompliance.