Vendor Risk Management
Reasons Financial Institutions are Collaborating with Vendors
- Performance boosting
- Cost reduction
- Access to specific expertise
- Customer facing activities
- General Operations
- Regulatory compliance activities
Types of Vendor Risks
- Strategic risk
- Reputation risk
- Industry risk
- Geographical risks
- Compliance risks
- Operational risks
- Transaction risks
- Credit risks
Virtusa Offer’s Solution to Manage Vendor Risk
Ontology Based Solution that Offers the Following Benefits:
- An integrated approach to manage vendor risks and issues.
- Streamline vendor risk assessments by providing them with secure access to an online application for assessment completion, viewing performance and alerts & notifications.
- Map vendor risk assessments to organizational policies and regulations to ensure compliance.
- Automatically update vendor’s risk profile based on benchmarking and assessment responses.
- Measure and manage vendor risk based on multiple performance indicators.
- Enable collaboration and data consolidation with vendors across regions and countries.
- Generate flexible vendor risk reports to manage vendor relationships and strategies.