3rd Party Toolbox – Vendor Category Management
Vendor Category Management (VCM)
CATEGORIZATION (or stratification) is the process by which we classify our vendors and group similar ones together such as Banking Technology, Financial Services, Communications, Appraisers, etc. And since many large vendors provide multiples services, further categorizing the Services within the Vendor Categories provides the foundation for being able to conduct a true apples-to-apples comparison of vendor risk, performance and value.
3rd Party Toolbox (3PT) Category Management provides a “build it once, apply to many” function for ease and consistency of assessing risk of all vendors within the same service category.
Building vendor type-based categories accomplishes the following:
Streamline your risk questionnaires and only ask what applies to what the vendor really does. Get rid of those laundry lists of unnecessary questions!
Spend Management per Category
Determine where your risks are concentrated, category by category across the entire vendor inventory
Apples-to-Apples Comparison of Risk, Performance and Value across the entire vendor inventory, by category, by service, and by vendor
3rd Party Toolbox (3PT) provides a standard framework and methodology to easily, quickly and consistently assess Criticality, Inherent Risk, and Residual Risk regardless of who is assessing the vendor. To make you as productive as possible as quickly as possible, 3PT includes the following:
- Pre-configured, fully editable Inherent Risk assessment scorecard
- Pre-configured with 15 fully editable vendor categories and questionnaires for Due Diligence and Periodic Review. Use ours and build your own.
- No limit to the number of Vendor Categories
- No limit to the number of Service Categories