• GRACE allows you to build a good oversight and continuous process for monitoring all your vendors by building your vendor database
• It helps you keep and manage information on each of your vendors, their status, locations, contacts, services,Contract documents,  Service Level Agreements, Reputation in the market and create a risk score for them
• It helps you identify risks in their process and prevent non-compliance to regulations like GDPR, California Privacy Act is necessary for all organizations.
• Keep this information updated for easy access

• The Organization’s Compliance team can establish and manage vendor Management policies and procedures including  review, release and versioning
• Through online attestation, the policies and procedures group can ensure all vendor management staff are aware of the required expectations of the organization from its vendors.

• GRACE provides online forms for Incident reporting for Vendors
• When Incident  information is received through the alert, mitigation tasks have to be set up and managed to closure. GRACE enables these functions and helps monitor vendor incidents through the Incident Dashboard

• The GRACE Vendor Dashboard enables the organization to quickly identify vendors by their level of risks and incidents and build strategies to ensure  vendors risks are mitigated or alternate vendors looked at.
• The Incident dashboard allows monitoring of incidents, their severity and the status of tasks for incident closure.

• GRACE can help you set up various standardized questionnaires that  can be sent to various types of vendors for a comprehensive due diligence on the vendor that can help you identify the maturity status of their security management process, client data management, business continuity and disaster recovery process as well as their adherence to the compliance requirements of the organization.
• Calendars for assessments can be set up and alerts for follow up can be received.
• Risk Assessment Questionnaires can be sent Online to collect information
• Findings can be analysed and risks recorded based on risk level to the organization

• GRACE can help you set up periodic monitoring calendars where risk questionnaires can gather information on their business continuity, security practices, incidents and others to identify early warnings of compliance violations

• Identify high risk areas in Vendor processes from the risk assessments and periodic monitoring
• Create and assign risks and issues to staff to define mitigation, and create tasks for follow up with the vendor to ensure the risk is mitigated
• Enable risk and task status reporting by responsible person into the GRACE repository to keep track of mitigation status Use the Vendor Risk Dashboard to effectively manage across vendors.

• GRACE can provide secure access to vendors to report their incidents, answer risk assessment questionnaires to help close monitoring.

Ensuring an organized, ongoing and comprehensive review of vendors can help identify risks and manage corrective action early

By making risks visible and with the ability to drill down to the status of mitigation, accountability for vendor risk management can be established and monitored

Enormous costs savings in unwanted labor for audits and examinations, avoid regulatory fines, legal costs, reputation risks and empowers the organization in managing risks.