Whereas surveys provided critical data input for vendor risk management, this enterprise risk management team also was in urgent need of effortless and up-to-date reporting.
“Real-time status monitoring? We had none. We had to pull reports out of MS Access or look at individual spreadsheets. Any sort of consolidated reporting and metrics aggregation was coming from multiple sources. Sometimes that took days.”
Dynamic dashboards were created in Onspring to display vendor profiles, services and findings areas, plus heat maps for risk, life cycle funnels, and charts to highlight overdue and upcoming assessments.
From the new vendor survey approach, the team could now slice survey data into any number of ways to monitor status in real-time. Additionally, assessment activity, vendor findings and high-level integrations fed into each vendor profile, which automatically ran data variables such as:
- Aggregate contract dollar sums
- Vendor tier
- Risk score
There was no need to run separate analytics for each of these items anymore.
Reporting capabilities advanced workflow transparency as well. By adding a vendor operations dashboard, vendor analysts could log in to quickly gauge workload based on each real-time reporting, such as addressing compliance issues (previously mapped from PCI controls to vendor assessments), plus:
- Findings & tasks
- Downward trending
- Contract details
- Review schedules
- Outstanding surveys
- Vendors with key risks