GRC and the Vendor Management Lifecycle

GRC helps in each progression of the vendor management lifecycle in an alternate manner. The assistance ranges from better visualization of information and reminders to complete automation.

The components of a GRC Platform

The most basic GRC components are provided by most of the GRC Vendors with their platforms that can be configured to fit different GRC solutions. Organizations who are looking to implement GRC technology for a specific need will evaluate the functionality and cost of the solution differently when compared to organizations seeking an integrated GRC solution.

A simple guide to vendor management through Vcomply

Vendor management involves selecting suitable vendors, sourcing pricing information, collecting quality details, evaluating amongst different vendors and maintaining relationships with them. Vendor management is the process of minimizing the costs in procuring supplies, maintaining effectiveness and quality and avoiding possible vendor risks. A robust vendor management system can help in increasing productivity, add value to operations and drive long term growth of organizations.

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