Are you only mitigating half your risk?
Monitoring your internal enterprise risk alone is no longer enough. It’s time to enhance decision-making and data protection throughout your entire vendor network.
Half – or more – of the threats to your business can arise from your third-party vendor network or the fourth-party service providers they subcontract. That means that protecting your customers and your business in today’s environment demands visibility and control over your vendors’ risk management, security, and compliance practices as well as your own.
Whether it’s adherence to your company’s policies, compliance with industry regulations, protection of sensitive data, or managing other operational risks (like financial, cybersecurity, information security, or business continuity vulnerabilities that could impact your bottom line), VendorInsight is the trusted partner in helping you understand, report on, and proactively address potential risk exposure patterns before they make an impact.
The VendorInsight advantage is comprehensive oversight of your third-party risk with:
- Vendor onboarding & offboarding
- Third-party risk assessments
- Automated vendor monitoring
- Fourth-party vendor tracking
- Concentration risk analysis & more.
Streamline your third-party and vendor compliance
VendorInsight is particularly effective for helping companies in highly regulated industries (like banks, credit unions, insurance firms, and other financial services organizations) protect themselves against third-party compliance risk, regulatory scrutiny, and financial risk and penalties. Save time (and gain peace of mind) knowing your company is compliant with industry standards across regulatory bodies and requirements like:
- FFIEC
- Federal Reserve Board (FRB)
- OCC
- FDIC
- CFPB
- CECL
- GLBA
- GDPR
- CCPA
- Dodd-Frank
- SEC
- FINRA
- NYDFS500
- HIPAA
“ VendorInsight is a world-class solution that has successfully supported the growth of UBSI over the last four years, and I expect it will continue to do so well into the foreseeable future.”
Craig Robinson, Vendor Manager at United Bank Shares Inc.
Why choose VendorInsight as your Vendor Risk Management Partner?
Flexible, SaaS-based capabilities make it fast, easy, and rewarding to get up-and-running quickly with:
Compliance
Move away from spreadsheets and centrally manage vendor contracts, documentation, vendor risk analysis reports and more
Reporting
Track and report on your entire vendor landscape with an unparalleled time to value via intuitive dashboards and straightforward SaaS implementation
Risk Mitigation
Get Governance Dashboard Alerts to proactively monitor and mitigate risk
Continuous Monitoring
Identify and monitor third- and fourth-party risk across your vendor network and supply chain.
Ready to eliminate your exposure to vendor risk?
See what you can do with VendorInsight.
REQUEST A DEMO
The Vendor Risk Management software with extraordinary features
SaaS-based VendorInsight is remarkably easy to adopt and use, offering a wide range of features:
Contract Manager
Input contract terms, manage vendor contracts, manage renewal dates, and configure alerts.
Document Manager
Upload vendor documents, upload vendor due diligence reports, manage document expirations, archive documents, and more.
Inherent Vendor Risk Assessments
Determine vendor criticality and assess inherent risks, calculate an inherent risk rating for each vendor.
Residual Risk Assessment
Develop comprehensive or abbreviated vendor risk assessments depending on vendor type, collaborate on risk assessments with subject matter experts, and assign a residual risk rating to each vendor relationship.
Dashboards, Reporting, and Analytics
Customizable enterprise, administrative, process, and user dashboards keep current activities and workflow status readily visible, allowing you to perform functions directly from the vendor management dashboard.
Vendor Questionnaires
Develop and issue various types of questionnaires to vendors, link vendor documents to questionnaire responses, and carry out workflows to review submitted questionnaires and documents with subject matter experts and stakeholders.
Vendor Due Diligence Report Generation
An evaluation report wizard helps generate comprehensive reports, using data from vendor due diligence reviews and automated scoring by subsection rollups to create overall vendor scores.
Vendor News Monitoring
Receive daily updates about vendor news and special risk alerts linked to critical vendor events like data breaches, lawsuits, changes in legal and executive structure, and more.
Workflow Automation
Workflow automation lets you design concurrent or sequential reviews of documentation and track changes from your subject matter experts and approval authorities.
Issue Tracking and Remediation
Identify and prioritize issues and risk assessment gaps that require remediation, assign corrective actions to managers, and track aging, completion, and approvals.
Policy Adherence and Governance
With the unique PCM (Policy Compliance Matrix), you command instant knowledge of your overall program compliance and quickly spot which specific policy requirements are not being met.
Enterprise Risk Indicator Metrics
ERIs (including KRIs, KPIs, KGIs, and risk thresholds) enable enterprise-level view of governance effectiveness indicators, risk effectiveness indicators, and performance indicators; alerts are sent automatically when risks exceed acceptable ranges.
Single Sign-On
Protect your data in VendorInsight® with SSO access security and provide ease-of-use for your enterprise users.
Performance Reviews and SLA Tracking
Monitor and track vendor performance metrics and specific service level agreements (SLAs) for important contracts.
Capitol Bank
Discover how Capitol Bank leverages VendorInsight to automate Vendor Management and achieve their compliance goals.
United Bankshares Inc.
Learn how United Bankshares Inc. uses VendorInsight to scale their VRM Program and support rapid growth.
Frequently-Asked Vendor Risk Management Questions
In a world of remote work, global supply chain challenges, and a growing ecosystem of vendors supporting your business, risk is no longer bound to your offices. Keeping compliant in today’s environment demands visibility and control over your vendors’ risk management, security, and compliance practices as well as your own. Vendor Risk Management (VRM) or Third-Party Risk Management (TPRM,) is the process of ensuring that the use of service providers, IT suppliers, and other vendors does not introduce potential risks that could lead to operational disruption, non-compliance, or reputational damage.
VendorInsight is a best-in-class Vendor Risk Management software solution where ease of use meets advanced features, such as scalable vendor risk assessments, automated vendor monitoring, fourth-party vendor tracking, concentration risk analysis, contract management, and more. VendorInsight provides a turn-key solution that includes vendor news monitoring alerts and updates across industries, from financial services to healthcare, and beyond.
- Unable to consistently monitor vendors
- Challenged with meeting complex regulations
- No centralized solution to manage vendors, contracts, and vendor documents
- Not enough staff to manage vendors
- Collecting vendor documentation
- Completing periodic vendor reviews
- Providing management with simplistic risk summaries of your vendors
- Reporting on vendors to leadership and auditors is manual and labor-intensive
Explore Mitratech’s Comprehensive GRC platform portfolio
Best-in-class, scalable solutions to help elevate your risk management, responsiveness, resilience, and reputation.
