OVERVIEW
The MetricStream Vendor Risk Management App provides a single point of reference to identify, assess, manage, and monitor vendor risks across the global enterprise. The VRM APP enables the efficient categorization, evaluation, and scoring of vendor risks through a streamlined and consistent approach. Issues or red flags that arise are proactively routed through systematic investigations and corrective actions.
DESCRIPTION
Features
Vendor Information Management
Connects with enterprise and external systems to import information on vendors; consolidates and maps vendor data in a common repository; scales to accommodate thousands of vendors
Vendor Risk Identification
Helps create a centralized, tightly mapped structure of the vendor risk hierarchy including risks, controls, KRIs, locations, and regulations; supports vendor categorization based on risk, criticality, and other factors
Vendor Risk Assessments
Provides configurable methodologies and algorithms to assess and score inherent and residual vendor risks; captures detailed vendor risk data, including risk severity, impact, consequences, mitigating plans, and issues
Vendor Self-Assessment and Survey Management
Streamlines and standardizes the process of creating, distributing, and following up on vendor risk surveys and self-assessments; helps qualify vendors based on self-assessment scores
Issue and Incident Management
Guides vendor risk issues through a systematic process of investigation and resolution; enhances collaboration with vendors on corrective action; provides real-time visibility into vendor issues
Analysis and Reporting
Offers multiple reports, including vendor risk and performance scorecards and risk heat maps; enables real-time tracking of vendor risks with the ability to perform statistical and trend analyses
Benefits
- Gain an in-depth view of risks across global vendors, including fourth parties. Proactively identify emerging issues
- Simplify VRM by leveraging a common system to manage and monitor risks across thousands of vendors worldwide
- Mitigate vendor risks in a timely manner through a streamlined, standardized, and collaborative approach
- Strengthen compliance with VRM regulations such as the OCC and Federal Reserve guidelines
- Enhance collaboration and coordination with vendors on risk and corrective actions
Source : http://www.metricstream.com
