VENDOR RISK MANAGEMENT
Concerned about exposed vendor risk ? Do you handle any Personally Identifiable Information (PII) of your customers, employees etc.? If you do, then you need to be kept up to date on all the protocols and policies of the applicable laws. You need to develop controls and run periodic checks and balances against your vendor base both internally and externally.
Vendor Management Information and Compliance
Eyvo has developed an integrated suite of tools and systems to assist you in all the relevant tasks of both instigating and maintaining an enforceable policy and procedures process. It has never been so important to ensure that you are managing your vendors in a proactive way.
When you get audited (and you will get audited), the regulating body will not take your word that you are doing the right thing to protect your business and your customer. They will want hard physical proof by way of manuals, reports and process controls. Is your business regulated? Do you have to report and respond to the SEC, CFTC, FINRA, OCC, NCUA, etc. The list goes on. The list of regulating bodies is long and the laws are arduous.
If you have a data breach into your systems and your customers information is taken from one of your vendors’ databases you can be held liable. At the very least you need to appoint a compliance officer and give them the tools to be able to manage vendor compliance – Eyvo has those tools.
AUDIT YOUR VENDORS TO ENSURE COMPLIANCE AND LESSEN YOUR RISK EXPOSURE
Formal Vendor Risk Assessment Solutions
The on-boarding of new vendors is done through a formal process. We create custom questionnaires, track their financials, asses risk, assign risk metrics and demonstrate to your auditor you have actually audited the supplier before you integrated them into your systems.
Once integrated, you then have on-going maintenance Audits. For example, expiry dates for NDA’s, automated questionnaires, financial analysis like vendor solvency, liquidity and profitability profiles should be maintained.
There are various risks involved and you should be aware of the different risk profiles you need to be on top of. For example, strategic, reputation, operational, transactional, credit, compliance – all these require different risk profiles.
It is clearly a lot to monitor and report on. That is why, you need us!
If you are finding it challenging keeping up with the deluge of data and the arduous tasks insisted on by the regulatory authorities, then Contact Us and we can assist you with your vendor risk management and compliance processes.