In today’s environment third-party vendor management processes must be able to gain insights to better align strategies, identify critical relationships as well as gaps in compliance. An effective information gathering process should provide a framework for companies to evaluate their outsourced vendor partners relative to all existing contractual, legal and regulatory requirements, This process should also collect and evaluate new and emerging case law, on-going investigations, and the behaviors that led to any recent third-party company failures.
The bottom-line is that in today’s regulatory environment, the manager that has the relevant data first wins, either by making the decision ahead of the competition, or by making a better, more informed decision. This type of efficient data collection and proliferation system can help ensure that managers and executives have the information they need when they need in order to make truly exception based management decisions. The consequences of failure in today’s environment are not an option. ProSys has the professional experience, subject matter expertise, reporting and information gathering abilities to ensure that your company will remain an industry leader in third-party vendor risk management.