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ServiceNow – Vendor Risk Management

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Capabilities/Applications

   

Control your risk exposure with continuous monitoring

  • Gain visibility and transparency into the status of assessments, issues, and tasks across your vendor ecosystem
  • Centralize interaction and communication and provide a means for vendors to manage their cross-functional response teams in the vendor portal
  • Integrate with a governance framework to get top-down traceability from an authority document or compliance requirement to the question in a questionnaire for a specific vendor
 

Prioritize and respond to your most critical risks with a unified GRC program

  • Identify critical vendors with dependency mappings and fine-grained impact analysis using real-time vendor information
  • Speed assessment, scoring, and risk prioritization of vendor issues using GRC indicators and vendor risk scores augmented with information from ServiceNow Vendor Risk Management
  • Facilitate internal and external stakeholder collaboration on open items and drive them to closure
 

Slash your burden with consistent workflows and automation

  • Deliver a system of engagement to manage stakeholder relationships, automate routine vendor risk processes and risk scoring, and manage risk throughout the vendor assessment lifecycle
  • Utilize import capabilities to auto-populate questionnaires such as the built-in Shared Assessments Standardized Information Gathering (SIG) questionnaire to consolidate the process of collecting, parsing, and scoring a risk assessment
  • Address overdue assessments and treatments with automated notifications and escalations.
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Description

ServiceNow Vendor Risk Management transforms the way you manage vendor risk through vital reporting of vendor risk and issues, a consistent assessment and remediation process, and automating assessment procedures. It provides a means to facilitate stakeholder interactions, drive transparency and accountability, and effectively monitor vendor-related risks. By aligning vendor risk management with overall enterprise risk management priorities, you can create a stronger enterprise risk posture. 

 

 

The vendor portfolio is your database of vendors and vendor information. This includes the vendor contacts you interact with, the business services and products that the vendors fulfill, vendor assessment records and documentation, along with other general vendor information.

The existing company table within ServiceNow is the default for compiling vendor data.

If you already have vendor information in ServiceNow from another system, such as an asset discovery service or Vendor Performance, it is immediately available to Vendor Risk Management.

Vendor information can be updated manually or be integrated with an existing supplier management system, using the ServiceNow platform integration capabilities. Also, a self-service portal is available so vendors can maintain and update their own information.

 

 

 

All vendor interaction and communication is centralized in a user-friendly vendor portal to eliminate inefficient email communications and status tracking via spreadsheets.

The vendor can manage their response team, inviting members from their various functional groups to collaborate, and assigning tasks within the vendor portal.

The vendor portal provides you and your vendor stakeholders visibility and transparency on the status of assessments, issues, and tasks.  

Monitor: Monitor risks and issues in your vendor environment, and assess the impact vendor. to your organization’s risk posture. 

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Additional information

POWERED BY

ServiceNow, Quintica(Custimisation and Configuration)

MONTHLY SUBSCRIPTION

Monthly per user

SUPPORTED INTERFACE

Desktop, Mobile

SUPPORTED OS

Windows, Linux, iOS, Android, Windows Phone

INTEGRATIONS

REST API, SOAP API, JavaScript API, OAuth2, CORS

TRIAL

YES

LICENCING

YES

PRICING MODEL

Vendor Risk Management: Starting from $4167

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