PART 2: We’re back with more questions & answers around managing vendors during the COVID-19 pandemic. Get all the answers to questions asked during our recent webinar, Supply Chains in Crisis.
Are you frantically trying to manage your supply chain during the COVID-19 pandemic? How do you keep trust and collaboration with suppliers under diminished cash flow conditions? Get the answer to this and other highly-asked questions.
Having a place to organize your chocolates and keep everyone from getting overly sticky is critical for businesses trying to make an impact in their field. Most people grow tired of manual processes and look for the best way, or a new way, to complete a task. Onspring offers a fantastic solution to those in the supplier management world gather information and leverage it to keep their business safe.
Onspring has partnered with the Shared Assessments to enable its customers to leverage their best-in-class practices for managing third-party risk. With Onspring’s tailored solution, companies can leverage the methodology and structure provided by the SIG Questionnaire for a third-party risk management program.
Just like there is a wide range of tolerances for clutter and mess in our personal lives, I’m finding more and more that corporate tolerance for data “messes” varies from organization to organization. Size of team or enterprise doesn’t seem to have a direct correlation to how organized a company’s business processes are or their acceptance of some of the organic chaos that comes with managing complex data.
Managing relationships with third-party providers is a major concern in the banking, healthcare, retail and tech industries…and beyond. We’ve gathered recent news, insights and opinions on vendor risk management, contract management, third party assessments and more. Help yourself to this week’s reading roundup!
We love it when clients use our platform in creative ways. Mark Barak, general counsel at Aronson Security Group (ASG), is a prime example. He started using Onspring in 2016 to manage legal matters, but when a need arose for greater efficiency and visibility in the company’s partner relationships, Mark put the platform to work in new ways.
Recently, Onspring began working with a large financial institution to help them manage vendor contracts. As the organization grew, its vendor roster also expanded, and so did the maintenance and onboarding requirements. Add to that, changes in the Sourcing team meant that key information was leaving with people who previously managed vendor accounts. I recall hearing frustrations like, “Why did we renew that vendor contract? We don’t even like them anymore!”
More than likely, you have a process for managing vendor relationships. You may even have a sophisticated process with a centralized vendor repository, risk assessments, due diligence, contract review, careful onboarding and ongoing monitoring. But how many of your employees know the process? And more importantly, how many of them understand how they fit in?
Identifying and managing risk within your own organization is challenging enough. When you add a diverse array of third-party relationships, the picture becomes exponentially more complex. Learn how one organization has taken control of vendor risk management with automation, structure and real-time reporting.
By Dave Hulsen, Co-Founder of RFP360 – Gardening is one thing, but what about our growing businesses and the third-parties we engage to help us flourish? As I thought about the numerous vendors we rely on, I started to think about what “pesky” vendors might be choking out our true partners (i.e. the ones that are truly critical to our success). If any of our vendors are increasing the amount of risk we manage to unacceptable levels, we need to identify them.
Managing risk within the confines of your own business is hard enough. When you tack on risk associated with vendor relationships, the complexity only grows. As business leaders, we have to carefully manage vendor relationships to protect our customers, employees and stakeholders, but the process can be daunting.