If your case is such that you are bringing a new vendor or changing your entire third-party ecosystem onto a new platform, Globalradar’s vendor onboarding management solutions can help you manage your risks, gain efficiencies, reduce costs, adhere to contractual obligations, establish and monitor renewal procedures and ensure contractual obligation are met.
Vendor onboarding is crucial as your business seeks information about potential vendors and suppliers. 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. This is where the best risk rating management solution software comes in. This is the premium service Globalradar would offer you which you would not find just anywhere.
The vendor onboarding management 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 Globalradar’s vendor onboarding management solution package enables you to seamlessly meet your business’s needs.
At Globalradar, they also weigh the potential vendor onboarding risks in order to utilize the risk management solution software to particular advantages.
They understand that 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 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 its standards, you close its 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.
With Globalradar’s vendor onboarding management solutions, you are assured of an effective and centralized repository that is well built to effectively manage risks. They would provide you with a centralized database of all your vendors and will ensure that this database is up to date. Critical information about your vendors like renewal dates, key contract terminologies like obligations and liabilities are maintained in that single repository. Once all these information are accurate, you would not have any problem of lag inaccuracy when reporting to the regulatory bodies.
Also, you would be able to satisfy examiners, automate your vendor onboarding process and take a risk-based approach. Global radar is just spot on!