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.
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!
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.
For the last few weeks, I’ve been working with a client that’s building additional structure and rigor into their vendor risk management program. They have all the pieces: a formal vendor policy, established relationship owners, regular risk assessments and due diligence reviews, and a detailed contract management process. However, they lack a connected view of all these moving parts, so my colleague Jason and I have teamed up to help them bring all the pieces together into a smart and scalable solution.
When you develop software, there are many stages of the design phase that are highly critical to the final product. Too often, companies are in a rush to push feature releases or changes to their products that are “box checkers.” They’re trying to compare themselves to a competitor in a favorable light, without actually thinking about the problem in depth, or not considering things such as long-term performance and usability.
Vendor Management can sometimes feel like trying to catch Niagara Falls in a mop bucket. With a varying pool of relationship owners, shifting scopes and changing relationship terms, the vendor manager has a daunting task to stay on top of due diligence, identify third parties that need to be replaced and measure success among vastly different providers. Many of our clients have found success with our Vendor Management solution by applying different layers of review, each with a specific timeline and focus to help assemble a comprehensive look at the vendor. Think of it like a cake.