For Compliance, Risk, and Governance teams
Gain control and efficiency with our comprehensive dashboard
Effortlessly centralize document and file management securely
Organize and streamline activities with automated scheduling calendar
Empower compliance with timely notifications, alerts, & deadline tracking
Ensure timely response, accountability, and risk mitigation through escalations
Gain compliance control, mitigate risks, & save time with framework library
Streamline assessments. enhance collaboration, ensure compliance.
Strengthen accountability, compliance, and transparency with audit logs
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Efficiently manage GRC using your everyday tools
The Ultimate Agile Solution for Compliance Teams
Goin 360-degree visibility with intuitive compliance dashboard
Stay informed and proactive w ith notifications & alerts
Simplify file and document management with ease
Automate compliance workflows for seamless efficiency
Streamline compliance with customizable framework library
Enable collaboration across locations, departments, and teams
Centralize compliance work for streamlined efficiency
Goin actionable insights with robust reporting feature
The Essential Solution for Empowered Risk Managers
Identify and track risks using the centralized risk register
Enable collaboration across stakeholders for better resolution
Streamline risk assessment with process automation
Enhance risk visibility with intuitive and centralized dashboard
Establish connection across teams, departments, and locations
Elevate risk awareness through proactive notifications
Manage files & evidence centrally for efficient control
Enhance decision-making with actionable risk insights
An Unparalleled Solution for Policy Management Teams
Efficient policy distribution through central repository
Streamline policy drafting and lifecycle management for simplicity
Simplify compliance with comprehensive policy templates
Simplify policy management with efficient version control
Accelerate policy approvals with automated processes
Collaborate seamlessly with cross-functional teams
Effortlessly measure policy training effectiveness with assessments
Manage policy life cycle with automated reminders and notifications
The Complete Solution for Empowered and Efficient Audit Teams
Maintain transparency and accountability with audit trails
Organize and streamline audit with automated scheduling and calendar
Centralize audit files for streamlined evidence collection and management
Stay informed with proactive audit activity notifications & alerts
Streamline audit assessments for comprehensive compliance
Bring audit plans, activities into the single space for complete control
Simplify audits with automated workflow efficiency
Gain 360-degree visibility with intuitive Audit dashboards
Empowering success through streamlined compliance, risk, and governance solutions
Empower your business with simplified regulatory compliance solutions
Empower your enterprise by elevating risk management practices
Transform GRC operations for optimized efficiency and effectiveness
Mitigate risks with seamless third-party risk management
Check out our comprehensive guides for seamless management!
Empower your business with pre-built customizable regulatory and control frameworks
Achieve quality success through ISO 9001 Framework
Deliver compliance excellence with the power of SOX framework
Simplify your security approach with ISO 27001 framework
Navigate cybersecurity excellence with NIST framework compliance
Promote data security through compliance with PCI DSS framework
Unlock trust and security with SOC 2 framework for compliance
Empower your industry with unmatched effectiveness and efficiency
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Stay connected and grow alongside VComply
Stay informed on compliance, risk, audit, and policy management trends
Streamline work with comprehensive guides for seamless management
Navigate complex GRC challenges with valuable e-books
Discover user stories for valuable insights into user-experiences
Access comprehensive definitions and explanations for essential GRC terms
Gain a comprehensive understanding of the features, benefits, and capabilities
Discover insights from experts on the latest happenings in GRC
Learn tips, tricks, and insights to make compliance work for your organization through our expert webinars!
Utilize our go-to templates and checklists to help you stay compliant
Keep in sync with the latest changes by updated framework templates
Get compliance assistance through VComply compliance checklists
Download policy templates that you use to create guidelines and processes.
Discover the power of VComply through our detailed use case guides
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According to Gartner, Vendor management is a “discipline that enables organizations to control costs, drive service excellence and mitigate risks to gain increased value from their vendors throughout the deal lifecycle.” Vendor management should enable organizations to select vendors suited for their business requirements, develop vendor contracts, manage and control vendor performance, and build a sustainable relationship for the long-term efficient business operations.
However, the first step in vendor management involves the selection of the right vendor. The very first step is most crucial in many management practices as they define the course for businesses. Vendor selection involves extensive research and deliberation to select the best fit for the vendor. The selection process involves understanding the supplier products and process adopted by the vendor so as to avoid any vendor risk in the future.
Analyze all the internal business and technical needs which the vendor’s product needs to fulfill. This can be done only if the decision maker has required expertise and knowledge of the business processes and understands the vendor management process. The final outcome should be a clear definition of resource requirement with all technical and business requirements. This requirement information gives a better idea of how the vendor is going to add value to the organization. Define the type of outsourcing agreement – Fixed Price, Time and Material costs or a hybrid of both.
As vendor selection involves evaluating various possible vendors, the organization needs to have information on the capabilities of the possible vendors. With Request for Information (RFI) proposal, vendors share the required information which is further evaluated for shortlisting a few vendors for further consideration. Do not neglect a vendor on the first go but shortlist only 2-3 vendors for a request for proposal (RFP).
Now with only a few vendors to be evaluated, a detailed evaluation would be warranted. Develop an RFP. The RFP should contain project overview, objective, structure and timeline of the proposal, the scope of work, resource technical and business specification, vendor profile and the brief conditions of the contract.
After receiving the proposal, business should develop an effective evaluation framework along with relevant KPIs for the vendor and assign weights to them. With received information, the framework would help in the fair evaluation of the vendors on the important criteria. This step would also help in understanding how the vendor processes would be integrated with internal processes and help establish internal controls for vendor management and risk mitigation. At this step, it is also important to understand the regulatory compliances and standards followed by the vendor to assess the quality of service and assess the possible risks associated with the particular vendor. With VComply’s Compliance Library, organizations can assess the vendor regulatory compliances helping them to evaluate the vendors.
Final selection of vendor involves signing an agreement contract. The contract needs to define the measurable KPIs, a timeline of service, pricing policy, integration measures to be taken by both parties, performance evaluation cycle and most importantly, agreed upon quality of work.
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