surveyanalytics's Vendor Management is the process financial institutions worldwide use to understand the risks they assume due to their business relationships with their third-party vendors especially regarding their data sharing or outsourcing relationships. Vendor Management is a standard practice today and has matured to an extent where some leading financial industry groups have standardized the process significantly through their Standard Information Gathering (SIG) and Agreed Upon Procedures (AUP) standards. The usage of these standards or their derivatives helps organizations understand the risk associated with their vendors and then incorporate appropriate risk mitigation techniques and measures to mitigate the risk.
The failure of a critical vendor can impact a company.s ability to stay in business. The existence of a contract is not a guarantee. Organizations recognize that business continuity depends on understanding vendors. ability to provide essential goods and services in case of an incident or outage.
Vendor Assessment . a module within SunGard.s Continuity Management Solution (CMS) platform . simplifies the process of gathering and analyzing survey information to assess vendors. By organizing large volumes of survey data, the software enables better decisions to hire or retain vendors. The module includes:
- Powerful survey tool to evaluate a vendor's business continuity program. The survey can be used as customized with additional questions or topics.
- Automatic scoring of vendors' responses and ranking against other vendors, and
- More than 40 standard reports to analyze the data, including ranking vendors within user-defined categories.
Vendor Assessment facilitates the annual data refresh by allowing vendors to review and update their information. Although the module can be used as a stand-alone tool, it integrates seamlessly with other CMS modules. Vendor ratings and other information are automatically incorporated in other elements of business continuity planning.