What We Do  ›  ServiceNow Risk and Security  ›  ServiceNow Vendor Risk Management (VRM)

NEWS

As of November 29, 2020

The United States and most other countries are facing unprecedented disruptions due to COVID-19. Remote workforces are expanding rapidly which is helping to minimize operational impacts in some areas. But the business impacts of global supply chain disruptions, ratings downgrades and increasing numbers of suppliers closing down are not yet fully understood.

Rapidly expanding third-party digital services create new risks

Organizations are accelerating their reliance on third-party vendors, business partners, supply chains, and digital services. This is also accelerating risks and presenting challenges for IT and risk and security teams.

Edgile’s centralized, scalable VRM solution

The ServiceNow Vendor Risk Management application provides a centralized process for managing a vendor portfolio. This enterprise-grade solution can scale to thousands of vendors and offers automated workflows with alerts and notifications. Eighty percent of the Fortune 500 are already using the ServiceNow platform and are positioned to benefit from the application’s automation capabilities and streamlined processes.

11 benefits of automation in vendor risk management

  1. Rapidly onboard vendors and upload pre-existing completed SIG Lite/Full questionnaires
  2. Create an inventory of vendors with rated risk tiers
  3. Establish vendor service assignments with spend analysis and analytics
  4. Run detailed vendor assessments with evidence, such as information security, privacy, BCP
  5. Streamline processes to request, store, and refresh supporting materials, such as certificates of insurance, business associate agreements, privacy and security policies
  6. Maintain efficient communication and collaboration between the business sponsors, vendors, and third-party risk management (TPRM) team
  7. Track remediation and refresh vendor risk profiles
  8. Re-score vendor risks without burdening the business
  9. Easily associate with other ServiceNow data assets, such as CMDB, Business Hierarchy, Application Portfolio Management
  10. Improve risk-based, pre-contract vendor selection capabilities
  11. Reduce time to assess and deliver facts to decision makers

Quick Start Packages

Our Vendor Risk Management Quick Start packages include workflows, configurations, and pre-built reports. Edgile can deploy the ServiceNow GRC Vendor Risk Management module, integrate it with complimentary platforms and provide ongoing managed services. We offer solution accelerators that quickly deliver critical answers to the TPRM team and help clients achieve rapid success in a cost-effective manner.

Experience how Edgile’s Vendor Risk Management comes together within our Risk and Security framework

NEWS

As of November 29, 2020

The United States and most other countries are facing unprecedented disruptions due to COVID-19. Remote workforces are expanding rapidly which is helping to minimize operational impacts in some areas. But the business impacts of global supply chain disruptions, ratings downgrades and increasing numbers of suppliers closing down are not yet fully understood.


ServiceNow Vendor Risk Management Resources