Centralize your information
The Vendor Program Oversight solution package provides you with the ability to keep all of your critical vendor and policy information in one place:
- Centralized repository of vendors: Many organizations are required to keep and maintain a repository of their third parties. LogicManager offers an organized, well-documented system to keep track of all relevant information related to your vendors. This means you’ll never lose track of important deadlines, contract terms and reports. Take this one step further and create a centralized repository of all the associated documents, so you can easily find related material without needing to go digging through unorganized folders.
- Centralized repository of policies: It’s also commonly required of organizations to keep a repository of the policies and procedures that they follow. With LogicManager, you’ll have a systematic way of ensuring that your policies are being kept up to date and regularly reviewed. Then, tie these policies to vendors to ensure the oversight process you have in place is well documented and accessible to all necessary parties.
Having a well documented process for reviewing and regulating the vendors you work with provides examiners with the assurance they need that you’re doing your due diligence and things are working properly. Examiners will often ask for evidence that you are following those procedures for a group or sampling of your vendors. With the centralized system, you will have a full history of when you reviewed your vendors, the policies and procedures you followed to review them and the outcome of each oversight review.
Automate your processes
Having a robust vendor software like LogicManager reduces the number of people and the amount of time it takes to run your vendor oversight program. It also frees up the time of your employees so that they can focus on more strategic goals (e.g. reviewing your vendors, determining where you need additional controls in place, identifying ones that are causing issues, etc.).