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Valenta > Consulting > Third Party Vendor Management

Third Party Vendor Management

with Ongoing Lifecycle Analysis & Support

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At Valenta, our third party vendor management service is a full suite end-to-end offering that will support and mitigate risk for your business long-term. Our goal is to provide the support you need to manage vendors on an ongoing basis; not just during the initial risk assessment phase. At Valenta our specialist consultants will select vendors based on a strict criteria, negotiate contracts based on organizational parameters; including cost controls, minimize vendor related risk, and even terminate contracts if required.

We take the stress out of ongoing management by ensuring that your vendors continue to comply with your risk ratings, and reassessment conducted when and if required. Through a specialist team of consultants with extensive global experience, and smart automation technologies, Valenta is able to provide the support, guidance and peace-of-mind for your business on an ongoing continuum.

Valenta's Third Party Vendor Management Process

Third-Party-Vendor-Management

Planning Phase

Critical to the success of vendor management, the planning phase is focused on vendor requirements including scope of work and deliverables and the development of planning checklists to ensure all key stakeholder requirements are met. Digitization of this process can be developed (if not already) to streamline planning. Valenta will create processes to ensure a robust program; for example linking the Expense Request Process (ERP) to ensure it communicates with the third party risk management tool, if appropriate. Further to this, vendor portals or document depositories can add immense value, and reduce this time consuming part of vendor management. Create structures to safeguard the foundation for selection.
Checklist

Risk Classification

Risk
Including both MRA and IRA, Valenta offers world-class resources that can review or setup the most appropriate framework for risk classification. In line with best practices, and utilizing digitization and automation to streamline processes, risk can also be minimized through a highly structured globally proven blue-print. Our risk classification procedures will provide greater transparency, and a more in-depth understanding of risk, in a faster, more efficient way.

Due Diligence and Selection

Offering extensive pre-contract guidance for assessing and managing the dimensions of risk associated with third party relationships. Understand your risk landscape through the due diligence phase and make the right vendor selection.
Due Diligence

Contract Facilitation & Negotiation

Negotiation
Automation will be deployed during the contract facilitation phase, integrated with your lifecycle vendor management process, creating a streamlined and efficient workflow. Engage digital tools that can identify that contract requirements are met, and facilitate all levels of approval, perfect for large and enterprise sized firms.

Ongoing Monitoring & Oversight

Conduct monthly, quarterly or annual vendor audits based on vendor tier, subject to risk rating and a series of organizational requirements. Customized solutions can be developed including a vendor portal to foster interaction between service managers and vendors.
Monitoring

Termination & Exit

Terminated
Tied back to the contract management phase, a termination checklist is available for ease of reference and an in-depth understanding of vendor contractual requirements. Simplify the process with quickly accessible documentation.

Why Valenta's Vendor Management?

Full lifecycle management

Our end-to-end offering ensures a seamless engagement process where our consultants work extensively with your business to understand opportunity, maintain regulatory compliance and improve process efficiencies. Starting from the planning phase, to risk classification, and then all of the way through the entire vendor life-cycle, we provide the support you need to focus on less tedious tasks

Ongoing Risk Assessment

Risk doesn’t stop upon vendor engagement and neither do we. Our vendor management service will ensure all vendors are monitored continually to ensure that your risk tolerance is maintained across all vendors.

Automation

Manually monitoring vendor risk is a tedious and time-consuming task. With automation and intuitive BOTS you can ensure that ongoing vendor risk assessment is conducted consistently, even after vendor engagement. BOTS works 24/7 and make zero errors, ensuring that you are safe-guarding your organizational against risk.

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