Maintain a formal vendor repository
Having quick insights into the organizations you depend on most is a common best practice for various business purposes, from IT security to BCP and beyond. It’s also a common regulatory requirement and makes it easy to report to auditors, boards and stakeholders.
Gain critical insights
Using LogicManager’s vendor risk assessment solution for ERM, you can get as granular as you need to understand how each vendor impacts your business. Through configurable questionnaires, you can easily identify which vendors have access to sensitive information, who outsources their processes and much more. Furthermore, these assessments will remain completely objective, providing you with consistently accurate information.
Identify common risks
It’s only natural that many of your vendors share prevalent risks. Leveraging LogicManager’s Taxonomy Insights AI technology, you can easily identify these common risks and eliminate duplicative efforts.
Easily adapt to changes
Your relationships with vendors are dynamic, so it’s important to ensure that you’re reassessing and creating new assessments for vendors as their risk levels inevitably change. Whether their scope of services has expanded, their business model has shifted or their modes of operations have evolved, it’s critical to be able to adapt the way you assess their risks.