Case Study Stop Worrying About Third-Party Compliance
Working with third-party providers can be risky. Any mistake on their part can harm the organization. Compliance officers must monitor each provider to confirm they follow regulations, contracts, and SLAs. VComply covers the entire third-party lifecycle in one place. This gives managers a clear view of compliance status, helps spot risks early, and supports corrective actions to reduce fallout and stay prepared for audits.
Laying the Groundwork
Draft and store contracts and policies in one place. Onboard third parties with clear checklists and track training and system access to keep all records organized.
Contract and Policy Management
Keep all contracts, SLAs, and policies in one place with audit logs and version history. Share these documents with third parties for sign-off and retain proof of acceptance in a single system.
Third-Party Onboarding
Automate onboarding with a clear checklist of tasks for your team. Employees upload proof of each completed task for audit purposes. Third parties submit all required documentation directly into the software for review before being added to the vendor register.
Third-Party Training and Access
Send out training materials and track who completes them. Maintain and keep record of access granted to third parties in one centralized place for easy access reviews.
Monitoring and Follow-Through
Monitor SLA adherence and conduct third party risk assessments to identify gaps and implement corrective actions plans.
Performance & Budget Tracking
Link SLAs to regular check-ins for milestone tracking and quality assurance. With automation third parties receive regular requests for financial reports, which they upload for review.
Risk Assessments & Mitigating Controls
Classify third parties based on their criticality and conduct risk assessments. Score them using your defined criteria and set risk tolerance levels. Risk Managers can link and track mitigating controls to keep risks in check.
Corrective Action for Gaps
Create customizable workflows to build a plan for addressing gaps. When a gap is found, log a corrective action and let automation notify the relevant stakeholders. This way managers can track the entire corrective action process in one place.
Completing the Cycle
Use third parties’ compliance performance and risk factors to decide on renewing or terminating contracts while keeping a complete audit trail for every decision.
Dashboard and Reporting
Get a clear view of compliance performance across the organization. Compare third parties and use filters to download reports with the data you need. Print or download a summary of each third party’s track record for quick audits and reviews.
Contract Review
Examine a third party’s compliance history and any past incidents in detail. Use clear, data-driven insights to decide whether to renew the relationship or move on.
Renewal or Termination
Let the system handle every step from renewing a contract to ending one. Every action is recorded in detail for audit purposes. With a complete record of all decisions and tasks, you can review each step and verify that all regulatory requirements are met.
Less Administration more Strategizing
VComply brings every stage of third-party risk management lifecycle into one place. With automation of manual processes, you can focus on things that matter.
From maintaining vendor registers to conducting regular risk assessments; map operational tasks and corrective actions to stay audit ready and ensure your organization’s reputation is never at stake.
