Enabling a streamlined, automated, and collaborative approach to vendor risk management with MetricStream.
Introduction: Corporations often depend on hundreds of vendors to fulfill their business processes. Single sourcing puts institutions at risk by making them too dependent on one vendor. On the other hand, multiple sourcing dilutes vendor accountability, and makes vendor collaboration and coordination much more challenging.
In both sourcing models, vendor risks are high, and should be managed and mitigated through a robust Vendor Risk Management (VRM) approach. Regulations such as FCPA, FDA, Basel II, AML, SOX, PCI DSS and EPA all require effective VRM, especially for vendors who have direct access to an institution's assets and systems.
