Vendor Offboarding Software

Ending a vendor relationship should be just as thoughtful of a process as starting one. LogicManager’s Vendor Offboarding solution package helps make it an easy one every time.
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What is Vendor Offboarding?

Entering any new business relationship poses risks to your organization, and managing your vendor risks is an ongoing process that always has a potential end date. When a third party vendor contract is coming to a close, you’re exposed to just as many vulnerabilities – if not more – than you faced when the partnership began. Failure to close a contract correctly can result in data breaches, loss of physical assets, ongoing disputes and more.  

It’s important that the process of offboarding your vendors is an explicit and formalized one. LogicManager’s Vendor Offboarding solution package is designed to help you carefully close out contracts in a streamlined and timely manner. 

Vendor Offboarding Risks

Simply losing touch with a vendor after your contract ends is not enough. Oftentimes, vendors were given access to internal systems, VPNs or PII early on in your agreement and if you part ways without restricting that access, they’ll maintain it. They may have also been given physical access to company property, equipment and personnel. Having vendor offboarding policies in place ensures that relationships truly end when they end.  

When you end a relationship, oftentimes there are cases of unfinished business, like overdue deliverables or payments. Avoid lengthy legal battles and arguments of “he said, she said” by keeping track of documents and contracts in one centralized repository.

Achieve Vendor Offboarding with LogicManager

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.

Satisfy examiners

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.

GRC platform

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.

LogicManager’s Vendor Offboarding Solution

Here’s more of what you can expect with LogicManager’s Vendor Offboarding solution package: 

  • The ability to create online checklists that vendors and vendor owners complete to confirm that every step of the offboarding process has been completed.
  • Leverage our workflows to send out automated tasks and ensure that each step of the process is completed, from the initial request, to cessation of network and/or physical access, to the collection of remaining contractual deliverables and more.
  • Streamline the forms and questionnaires in your offboarding process to only ask the right questions. This ensures that you get the level of detail you need from your vendors without being unnecessarily overwhelming.
  • Automate vendor risk assessments by leveraging the information completed in your onboarding process. This can help provide evidence of why a contract termination was necessary if the assessment indicates that the relationship was too great of a risk for your organization to continue the relationship.
  • Our robust reporting engine helps get all the information you need at your fingertips:
    • Overdue deliverables: Were there items contractually agreed upon that are being left behind by offboarded vendors? Keep track through reporting and prevent loss of finances by paying for incomplete tasks.
    • Vendors by contract expiration date: Run reports on upcoming contract expirations as you make decisions about whether or not to renew with groups of vendors.

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Vendor Offboarding Tools

Want to check out example reports and see exactly how LogicManager can help strengthen your vendor processes? Request a free demo today!

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