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.
Risk & Compliance Management Software & Services
Supplier Audit Management
Manage your Supplier Audits.
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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.
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
RiskWatch enables customers to, at a glance, understand risk and compliance across the entire organization. Charts show trending risk and compliance levels by date and offer a drill-down view into specific assessments and questions. Users can monitor tasks and remediation efforts as well. Easily monitor third parties as well.
- 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
The RiskWatch platform contains a data collection portal, which grants the ability to effortlessly collect data in assessments by eliminating the need to create login profiles for each participant. Need to collect information from a vendor or supplier? Just send them a link to your data collection portal to collect what you need – no training required!
- 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
An Intelligent Physical Security Risk Assessment Platform
SecureWatch is a state of the art security and risk assessment platform that can be utilized for facility compliance and security risk assessments. Reduce exposure to liability, manage risk, monitor and maintain security, and track continuous improvement.
An Information Security Risk Management Platform
CyberWatch is a modern assessment solution that can be utilized by various industries for cybersecurity and compliance risk assessments. The software enables you to reduce exposure to liability, manage risk, monitor and maintain cybersecurity, and track continuous improvement.
A Compliance Assessment and Management Platform
ComplianceWatch is a compliance audit and management platform that can be utilized by various industries for measuring compliance to any regulation, standard, or policy. Reduce exposure to liability, maintain public credibility, ensure adherence to best practices, track policy compliance, and track continuous improvement.
A Supplier Security Risk Assessment Platform
SupplierWatch is a security risk assessment and management platform that can be utilized to reduce exposure to liability, manage third-party risk, monitor and manage your supply chain, ensure high business continuity, and track continuous improvement. Use it to identify, eliminate, and prevent problems in your suppliers processes, management, or products.
A Vendor Security Risk Assessment Platform
VendorWatch is a security risk assessment and management platform that can be utilized for identifying security gaps and risks with vendors and addressing them. Reduce exposure to liability, manage third-party risk, and monitor and rank vendors. Keep track of a vendor’s compliance efforts to ensure expectations are being met. Archive contracts, manage compliance evaluations, manage contract reviews, and rate vendors objectively.
Reduce exposure to liability. Manage risk. Monitor and maintain security.
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