Vendor Onboarding Software
Whether you are bringing on a new vendor or transitioning your entire third party ecosystem onto a new platform, LogicManager’s vendor onboarding/offboarding solution can help you manage risks, gain efficiencies, reduce costs, adhere to contractual obligations, prevent liabilities, establish and track renewal procedures and ensure contractual obligations are met.
Identify risks upfront.
If you do not properly identify the risks associated with a new vendor, you don’t give yourself the time or opportunity to consider going with a different vendor that does not pose those same risks.
No two vendors are the same, meaning that the risks they pose to your organization can vary greatly based on factors like access to confidential information, direct interaction with your customers, and more.
LogicManager helps you automatically determine the criticality of your vendors to ensure that you are effectively designing mitigations for the vendors posing the greatest risk to your organization.
You don’t have unlimited time and resources, so it’s critical to ensure that you’re not spreading people too thin. Ongoing monitoring ensures that you’re appropriately reviewing the vendors that pose the largest risks to your organization.
It’s critical to have all parties that will be impacted by a new vendor weigh in on the decision process. Otherwise, the decision is made within a silo and the partner may not be a good fit for everyone in the short or long term.
Showing the successes and failures of previous vendors over time is instrumental in making smarter decisions in the future. LogicManager’s robust reporting engine makes it easy to generate these reports and see these trends over time.
- Customize your LogicManager home screen so that it only displays your vendors’ most relevant action items to help eliminate distractions during their onboarding process.
- LogicManager’s Custom Profile & Visibility Rules allow you to dynamically collect additional information on a vendor based on their risk level (do they have access to PII?) or vendor type (what’s the nature of their product or service?) to better conserve time and resources for both new vendors and renewals.
- Our Risk Analyzer AI technology automatically extracts vendor contract key terms like renewal date, WVOSB participation and breach notification or BC/DR/CM/RM requirements to enable you to report on any parameter.
- LogicManager’s workflow capability can route vendors based on business logic (i.e. how critical they are to operations, which departments rely on them most, etc.) and automatically assign tasks and reminders to the appropriate parties.
- With one push of a button you can remove a vendor, with confirmation that every step of the offboarding process has been completed, including the removal of sensitive data by vendors.
- Using our Resource Assessment, convert qualitative vendor data into quantitative assessment data to better understand upstream and downstream dependencies within your vendor relationships.
- Experience a robust Reporting & Dashboards system that makes it easy to build reports on overdue tasks, showcase vendors by criticality levels, and much more.
- Overdue deliverables: Were there items contractually agreed upon that are being left behind by offboarded vendors? Keep track through reporting and prevent loss of finances by paying for incomplete tasks.
- Vendors by contract expiration date: Run reports on upcoming contract expirations as you make decisions about whether or not to renew with groups of vendors.
- Through our Integration Hub, seamlessly integrate with third-party applications like NetSuite, DocuSign, Office365, BitSight, RiskRecon or any ERP or accounts payable system to complete your vendor onboarding work all within LogicManger.
Keep a centralized repository
By leveraging LogicManager’s vendor onboarding solution, your organization will be positioned to efficiently and effectively manage risk. We provide a centralized repository of all your vendors and their documentation, which many organizations are required to maintain. Having a documented system in place for adding new vendors will ensure that this repository is always up to date. On top of that, you’ll never lose track of necessary information about your vendors; renewal dates and key contract terms like obligations and liabilities are all maintained within an all-in-one hub. With all of this information at your fingertips, it’s easy to confirm accuracy in reports for regulators or the board.
Satisfy examiners
Having a well-documented and formalized vendor onboarding process provides examiners with the assurance they need to know that your program is working properly. Oftentimes, examiners will look at a sampling of your vendors to look for evidence that you’re following all of the necessary procedures. With a centralized system housing the full history of your relationship with each vendor along with their onboarding processes and their documentation allows you to quickly and easily provide examiners with the evidence they’re looking for.
Automate your processes
Using LogicManager’s vendor software reduces the number of FTEs or consultants required to run your onboarding program. This is because it frees up time they would normally spend on manual or task-based activities, like following up on requirements or chasing down documentation. This way, they can stay focused on the most strategic goals within their job description. This leaves more time for reviewing vendors to determine which ones are out of your risk tolerance, where you need additional controls in place and which ones are causing issues.
Eliminate silos
When you operate within silos – especially when you work with multiple vendors – those responsible for managing certain vendors may not know what their colleagues on other teams are doing. Having a formalized process for onboarding your vendors ensures that each vendor gets the proper review that they need. LogicManager identifies redundancies across your vendor base, eliminating silos and ensuring that a vendor offering a similar service does not already exist. This ultimately cuts costs for your organization because you’re not spending money on entering into multiple vendor agreements that provide duplicative services.