Streamline your processes
An intelligent software like LogicManager reduces the number of employees required to monitor your offboarding program. Ultimately, this frees up the valuable time of your employees to focus on more strategic goals.
Eliminate human error
Relying on memory, email chains or manual spreadsheets to conduct your vendor offboarding can lead to you to miss critical deadlines and other important information. Using a standard, formalized process prevents mistakes.
Having a well documented and formalized offboarding process provides examiners with the assurance they need to know that your program is working. Oftentimes, examiners will ask for a sampling of your vendors. Keeping your entire vendor history within a centralized system allows you to easily provide evidence that you’ve done your due diligence.
Take a risk-based approach
During your vendor onboarding process, you most likely already identified the vendor’s risk. This helped automate the specific questionnaires and due diligence forms that needed to be answered by high risk vendors only, thereby eliminating excessive work being done where the low level of risk didn’t justify the need. Applying this same thought process to the offboarding process helps you save time and resources.
Your vendor offboarding process does not exist within a silo in your organization; there are many different teams involved, including Compliance, Business Continuity, Information Security and more. These teams are also stakeholders to this information and rely on it in their own processes. By using a GRC platform, other stakeholders will be kept in the loop when a vendor applicable to their department is offboarded, so that they can update their processes and information accordingly.