Vendor Management

Audit your vendors to ensure compliance and lessen your risk exposure

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 policies and controls and run periodic checks and balances against your vendor base both internally and externally.

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.

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.

Features

  • Vendor Self Onboarding
  • Enforced questionnaires
  • Automated annual renewals of vendor complaince
  • Vendors uploads documents to portal
  • Compliance manager reminders
  • Risk metrics allow a vendor risk score
Vendor risk management dashboard

Vendor risk management dashboard

Vendor Management Information and Compliance

It has never been so important to ensure that you are managing your vendors in a proactive way.

Is your business regulated ?   Do you have to report and respond to the SEC ? CFTC ? FINRA ? OCC ? NCUA ? FDIC ? CFPB ? OSHA ?

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 – we have those tools.

The recent hacks we read about in the news have exposed weaknesses not just in the companies that were hacked but also the vendors that supply those companies.

vendor risk management

Formal Vendor Risk Assessment Solutions

We use a formal process for on-boarding of new vendors.
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.

Expiry dates for NDA’s, automated questionnaires, financial analysis -are you watching vendor solvency, liquidity and profitability profiles?  If not, you should be.

Are you aware of the different risk profiles you need to be on top of?  Strategic, reputation, operational, transactional, credit, compliance – these all require different risk profiles.

Its 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 task insisted on by the regulatory authorities then contact us and we can assist you with your vendor risk management and compliance processes.