Vendor & Contract Management

More than ever, organisations are relying on external third parties to provide critical services and support

That means there is a heightened risk that sensitive and confidential data now rests outside your direct control and critical elements of your operations are highly dependent on an external vendor.

GuardianERM.net helps you proactively manage third-party risks to help mitigate the possibility of data breaches, business disruptions, poor practices and unethical actions taken by a third-party vendor, which could adversely impact your reputation and operations.

Highlights

Create a register of your vendors and assign a contract to a vendor.
Capture important vendor and contract details.
Record the results of vendor due diligence assessment covering financial viability, cyber security, Work Health & Safety (WHS), Ethics Sustainability & Governance (ESG), insurance arrangement and more.
Record the results of a contract due diligence assessment covering the business case, reference checks, service agreement and more.
Develop a vendor management plan with periodic reminders to perform important activities such as updating insurance details and conducting a cyber risk assessment.
Schedule periodic internal audits of key vendors via the vendor management plan.
Develop a contract management plan with periodic automatic reminders to review the contract or undertake other important monitoring tasks such as obtaining updated insurances, licenses and risk assessments.
Add notes of recent discussions, performance issues and other monitoring activities.
Upload or back up important documents such as business case, detailed risk assessments, requests for proposal, project plan, insurance documents, business continuity plan, probity plan, contract, security questionnaires, audit reports and more.
Inactivate terminated or old contacts, but retain all information for legal and audit purposes.
View and print vendor and contract listings.

Benefits

Enhance visibility of third party arrangements.
Build a vendor inventory in GuardianERM.net.
Help ensure regulatory compliance and reduce the risk of vendor or contract failure by ensuring thorough due diligence is undertaken prior to engagement.
Rate the risk for each vendor to align with your risk management framework and risk appetite.
Formal documentation of the vendor and contract due diligence process.
One place for all your vendor and contract management documents.
Reduce the risk of key contract requirements not being met.
Vendor and contract management plans can be linked to the compliance management module to allow formal and proactive compliance and periodic email alerts until an item is complete.
Promotes regular communication and monitoring of key vendors.

Vendor & Contract Management

More than ever, organisations are relying on external third parties to provide critical services and support

Highlights

Benefits

Would you like to know more about GuardianERM.net’s Business Continuity Management capabilities? Contact us or arrange a demo today.