Supplier Audit Management
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The Challenges
Performing regular audits on your suppliers is essential since their business practices directly impact your own. Supplier audits provide an effective method of identifying, eliminating, and preventing problems in a supplier’s processes, management, or products, as well as preventing fraud or breaches. Unfortunately, this is a wide scope that proves difficult to manage, especially with limited visibility.
Since many customers report their suppliers capturing data in spreadsheets and email documents, its difficult to have central visibility into current and past audit information. It’s also difficult to follow up on corrective actions and see to which degree mitigation is occurring.
Challenges include managing supplier underperformance, unreliable service delivery, inadequate security, or failure to meet contractual obligations; working with a third party can be risky business. It is critical to perform periodic audits on your suppliers to ensure that everything is operating as it should.
The Impact
Customers have previously discussed how supplier audits have been expensive, difficult to execute, and excessively time-consuming with their manual processes and previous software. This scenario drains company resources that are better suited for risk management efforts that create a positive impact.
Without a proper supplier audit program, organizations take on unnecessary risk regarding business continuity, finances, and brand reputation. A limited visibility process creates risk starting from the supplier selection and onboarding process, through periodic reviews of the supplier’s internal controls and policies, and even through everyday transactions.
Placing blind trust in your supplier without full visibility leaves your organization open to non-compliance fines and potential legal fees due to your suppliers’ practices. Poor business practices can cause your supplier to suddenly fail to meet contractual obligations without notice, leaving your organization struggling to continue operations as normal.
Achieve your Supplier Audit Goals with RiskWatch
Central Repository
The RiskWatch platform serves as a central repository, allowing organizations to easily access, share, analyze, or update all risk, security, and compliance-related information. This makes sure all data is organized, accurate, and easy to secure. Since data is entered into the platform and then automatically analyzed and reported on, data quality significantly increases.
- Streamlines processes and eliminates redundancies with transferring data.
- Centralizes the storage and maintenance of data.
- Generate a higher ROI by eliminating costs of poor data quality, erroneous information, and uninformed decision making.
Dashboard Overview
- The dashboard updates in real-time as data is collected.
- Automatically rank sites by risk to prioritize mitigation.
- Apply filters to see any assortment of data on the dashboard.
Data Collection Portal
- Create custom landing pages for your data collection portals, using custom colors or instructions.
- Eliminate training time by sending out a limited-view collection page.
- Assessments to a portal can be created just once and used repeatedly, eliminating unnecessary work.
Product Overview
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