The old adage garbage in, garbage out should not define the vendor risk management approach of your organization. It is critical that vendor information is collected in a systematic way and through a single point of entry for all existing and potential vendors. Your organization can rely on surveys, paper and manila folders in a department cabinet, but it won’t protect your bottom line. VETTED® streamlines the collection process by asking the right questions and getting the right data.
Do you know the leadership of the vendor performing your largest amount of work?
Do you know if the leadership of that vendor owns any other business entities?
Do you know if the other business entities are in your vendor population?
You don’t know what you don’t collect. VETTED® will provide your organization a collection process that electronically categorizes your entire vendor population and places it into a repository for credentialing and evaluation.
There are other vendor risk systems in the market. They will charge your organization, your vendors and their representative a fee. These fees go directly to the software company and your organization will write it off as a loss. That doesn't have to be the case with VETTED®. The VETTED® vendor portal includes a payment module for vendor registration fees that go to you, the client, allowing recovery of operational costs.