Vendor Risk Management Software
Today’s rapid-change information security and data protection environment drives the need for organizations to move from a reactive vendor risk identification and collection to a proactive risk management model. High-profile negligence, natural disasters, and supply chain disruptions, in addition to data and contract breaches, serve as harsh reminders that even organizations fresh off the audit remain susceptible to negligence.
Vendor relationships are only mutually beneficial when properly managed. Both parties must successfully identify the nature of all joint activities, accurately measure their value, and securely share resources to improve results. The success of any business relationship hinges on the ability to simultaneously advance while keeping threats at bay.
Organizations regulated by PCI DSS, Basel laws, HIPAA, and SOX regulations have to ensure that the vendors accessing their assets and systems are compliant with the relevant regulations. Due to the dynamic nature of legislation, it’s often difficult to track contractual changes and updates across business relationships, especially if the specific business resides in another state or country. Our vendor risk management (VRM) solution provides the framework to address this common problem by adopting critical points found in our vendor risk management checklist.
A Central Storage Repository for Managing Vendor Risk
A centralized data collection and organization system is required to organize and address the complexities of handling multiple vendors. Simply consolidating and sharing stored information on corporate Intranets doesn’t offer mechanisms to automate controls or provide a secure method for sharing between two parties. A proper cloud-based system provides secure access, direct communication, and a more cohesive risk management view while simultaneously reducing the cost of external vendor governance through automated controls.
Aruvio enables organizations to manage, organize, and map up to one million different vendors within a single repository—regardless of geographical location—which is advantageous for enterprise customers.
Aruvio’s policy portal enables a single point of access to create policies, standards, and controls applicable for vendors and third parties. Policies can easily be linked to laws, standards, procedures, specific business functions, and specific vendors. Users may generate a comprehensive policy awareness campaign and reporting strategy to improve vendor relationships. Users are able to rapidly produce policy attestation and status reports demonstrating policy compliance for vendors.
Monitor Policy Training
Aruvio’s policy training application makes it simple for vendors to review and attest to policies and procedures. Additionally, policy training and attestation can be demonstrated by enabling a pass/fail option for vendor users. Businesses can quickly identify and remove ineffective or outdated policies that add risk to vendor relationships. Policies may be grouped to cover an entire vendor organization and can be arranged by contact, hierarchy, facility, engagement, SSAE16, certificates of insurance, and more.
Manage and Resolve Incidents
Aruvio’s powerful cloud platform provides businesses with the ability to remotely identify, manage, and resolve issues and incidents. While negligence or failure to comply with procedures create security risk, Aruvio’s cloud-based Governance, Risk, and Compliance (GRC) platform provides rapid access to response procedures with relational analysis to all information surrounding a specific incident.
When an incident with a vendor occurs, Aruvio allows organizations to resolve them in a snap, with the ability to implement a proactive risk assessment process for the appropriate vendor to prevent future mishaps and keep additional risk at bay. Predefined access roles, workflows, reports, and dashboards can be easily implemented to save time, or can be tailored through point and click configuration.