Assessment – the primary stage
The initial step is to evaluate the available vendors. This procedure is more complicated in organizations that are under a strict regulatory framework. Vendors that deliver services to the medical, financial, and energy sectors frequently need accreditations and qualifications. GRC solutions like VComply automate this procedure. They monitor every one of the qualifications and certifications of vendors and alert management if any vendor does not qualify.
On-boarding – the second stage
The second step of the vendor management lifecycle is the initial step of the vendor relationship management process. When a vendor has been chosen, they should then be on-boarded. Contracts should be reviewed, certifications should be gathered, and service delivery terms must be agreed. It is critical that the requirements of the business are communicated clearly to vendors. GRC solutions like VComply streamline the onboarding process and deal with all the documentation in one spot.
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Ensuring Service Delivery – the third stage
After all the documentation is finished the vendor starts delivering the services they were on-boarded for. This is where GRC arrangements demonstrate their maximum potential. There is no performance tracking when vendors are being overseen physically. GRC solutions have vendor master data – information that tracks everything about vendors. Any business that manages vendors manually will note down if a disruption happens yet that is the degree of vendor performance tracking in most organizations. GRC solutions empower the management to effortlessly track and envision performance. In the event that any vendor’s service quality demonstrates a descending pattern, it is conceivable to speak with them and course-right before any serious damages or disturbances are brought about.
Off-boarding – the last stage
In case, the vendor was only hired for a solitary assignment, at that point the following step is to off-board them with legitimate documentation. The document management side of GRC Solutions demonstrates its importance in this procedure.