Vendor and Supplier Compliance

Companies expend significant time, effort and budget to mitigate risk and maintain compliance across the enterprise. Even with the appropriate internal compliance programs and controls in place, companies can remain exposed to substantial risk beyond the enterprise by actions of their suppliers, subcontractors, service providers and other business partners. The good news is that this problem can be solved effectively and cost-efficiently with the right combination of organization, technology and best practices.

The Challenges

In implementing an effective vendor and supplier compliance program, compliance organizations often face the following challenges:

• Large corporations may do business with thousands of third-party companies.  Some companies may have difficulty establishing and maintaining a single system of record identifying these third-party companies and the nature of the relationship.
• Inability to organize and categorize hundreds or thousands of third-parties based upon the associated risk restricts the ability to prioritize risk management activities consistently across relationship managers.
• Partner relationships are ever-changing, and this requires flexibility and sustainability for any compliance program that is implemented.

The Solution

The AXENTIS Vendor and Supplier Compliance Solution offers professionals a risk-driven compliance approach to identify third-party risks, organize vendors by risk type, distribute policies and procedures to the appropriate vendor contacts, assess vendors and test controls, and manage any exceptions. Our solution is flexible and configurable, allowing for the addition of risks, changing of vendors and updating of compliance requirements as needed.

With the AXENTIS you can:

• Establish a consistent vendor risk and control framework.
• Simplify distribution, collection and analysis of risk assessments in a common framework.
• Address different vendors, risk ratings and past performance around highest risk areas.
• Manage responsibilities and accountabilities.
• Increase visibility to risks, status and issues.

• Manage regulatory performance, assessment and audit.

Only AXENTIS offers the flexibility to include your vendors, suppliers and business partners more easily into your risk and compliance management processes.

To sign up for a demonstration, please Request Demo here or contact ComplianceOnDemand@axentis.com.

Capabilities

Policy & Procedure Management
Training Management
Survey Management
Risk & Control Framework
Law & Regulatory Framework
Assessment & Audits
Remediation & Action Plan
Incident & Issues Management
Integration, Security & Reporting