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.