Vendor Policy Management Software

Ensuring that your vendors are adhering to your organization’s policies is a critical part of protecting your business. Streamline this process with LogicManager’s Vendor Policy Management solution package.
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What is Vendor Policy Management?

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 Policy Management package.

Risks

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.

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.

Prove compliance

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.

LogicManager’s Vendor Policy Management 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.

Request a Free Demo of LogicManager’s
Vendor Management Policy Tools

Want to learn how LogicManager’s Vendor Policy Management solution package can help transform your vendor management program? Start by requesting a free demo today.

REQUEST FREE DEMO