Vendor Onboarding Software

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Whether you are bringing on a new vendor or transitioning your entire third party ecosystem onto a new platform, LogicManager’s Vendor Onboarding solution can help you manage risks, gain efficiencies, reduce costs, adhere to contractual obligations, prevent liabilities, establish and track renewal procedures and ensure contractual obligations are met.

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Why a Risk-Based Approach to Vendor Onboarding is important:

How Our Vendor Onboarding Solution Helps

  • Customize your LogicManager home screen so that it only displays your vendors’ most relevant action items to help eliminate distractions during their onboarding process.
  • LogicManager’s Custom Profile & Visibility Rules allow you to dynamically collect additional information on a vendor based on their risk level (do they have access to PII?) or vendor type (what’s the nature of their product or service?) to better conserve time and resources.
  • 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.
  • LogicManager’s workflow capability can route vendors based on business logic (i.e. how critical they are to operations, which departments rely on them most, etc.) and automatically assign tasks and reminders to the appropriate parties.
  • Using our Resource Assessment, convert qualitative vendor data into quantitative assessment data to better understand upstream and downstream dependencies within your vendor relationships.
  • 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-party applications like NetSuite, DocuSign, Office365, BitSight, RiskRecon or any ERP or accounts payable system to complete your vendor onboarding work all within LogicManager.

NetSuite

Jira

Office365

Bitsight

RiskRecon

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Vendor Onboarding Software

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Streamline Vendor Onboarding with LogicManager

Keep a centralized repository

By leveraging LogicManager’s vendor onboarding solution, your organization will be positioned to efficiently and effectively manage risk. We provide a centralized repository of all your vendors and their documentation, which many organizations are required to maintain. Having a documented system in place for adding new vendors will ensure that this repository is always up to date. On top of that, you’ll never lose track of necessary information about your vendors; renewal dates and key contract terms like obligations and liabilities are all maintained within an all-in-one hub. With all of this information at your fingertips, it’s easy to confirm accuracy in reports for regulators or the board.

Satisfy examiners

Having a well-documented and formalized vendor onboarding process provides examiners with the assurance they need to know that your program is working properly. Oftentimes, examiners will look at a sampling of your vendors to look for evidence that you’re following all of the necessary procedures. With a centralized system housing the full history of your relationship with each vendor along with their onboarding processes and their documentation allows you to quickly and easily provide examiners with the evidence they’re looking for.

Automate your processes

Using LogicManager’s vendor software reduces the number of FTEs or consultants required to run your onboarding program. This is because it frees up time they would normally spend on manual or task-based activities, like following up on requirements or chasing down documentation. This way, they can stay focused on the most strategic goals within their job description. This leaves more time for reviewing vendors to determine which ones are out of your risk tolerance, where you need additional controls in place and which ones are causing issues.

Eliminate silos

When you operate within silos – especially when you work with multiple vendors – those responsible for managing certain vendors may not know what their colleagues on other teams are doing. Having a formalized process for onboarding your vendors ensures that each vendor gets the proper review that they need. LogicManager identifies redundancies across your vendor base, eliminating silos and ensuring that a vendor offering a similar service does not already exist. This ultimately cuts costs for your organization because you’re not spending money on entering into multiple vendor agreements that provide duplicative services.

What Is Vendor Onboarding?

As your organization seeks information about potential vendors and suppliers, the vetting, validation and onboarding process is crucial. You need to evaluate the third parties’ capabilities as well as their risk levels before taking them on as your own. The vendor onboarding process builds the foundation of lasting business relationships with third parties.

The vendor onboarding process can be a lengthy one, consisting of complex tasks that span across your entire enterprise, requiring input, review and approvals from multiple departments. However, leveraging LogicManager’s vendor onboarding solution package enables you to seamlessly meet your business’s needs.

Potential Vendor Onboarding Risks

You can outsource processes, but you can’t outsource risk. Just because a vendor is providing or doing something for you does not mean that your organization is not ultimately responsible for the risks associated with that product or service.

When you outsource a responsibility to a vendor and they create a problem for a customer, that customer doesn’t care whether they work for you directly or not. If your business does not satisfy their standards, you could lose their business. The same concept poses a risk to your reputation: if a scandal results from improper vendor activity, customers hold you responsible for allowing the scandal to take place on your watch. Proper vendor onboarding ensures that you are only bringing on vendors that are vetted and up to your standards.

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Vendor Onboarding Software

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