Third Party Risk Management Software
The modern business world relies on an increasing number of interdependent relationships, from suppliers, partners, outsourced agencies and external services. And when those services and partners fail or take wrong actions, it is the organization using them that is often held responsible.
It is vital, then, for companies and organizations to draw up thorough contracts and agreements – some of which can take a long time to create, and can include thousands of details and legalities. Due diligence is a must to limit the risk of engaging with third parties of any kind, and it is vital to have a robust risk management program to provide safety, security, and protection.
However, once those contracts are in place, the hard work is only just beginning. Ongoing monitoring is equally important as the contracts and agreements themselves, and the time and resources it requires to keep things up to date can be significant.
It’s at this point that third party/vendor risk and compliance comes into play. Using the Symfact fully end-to-end Third Party Risk solution allows customers the peace of mind that all vendor and service contracts are up to date and relevant. Symfact takes you through the whole process of putting mitigation programs in place, analysing risk level allocations, analysis, due diligence, and proper, ongoing screening of each vendor. Symfact also help customers with onboarding, helping with the training of both employees and third parties.
Our third party risk management software gives companies everything they need to focus on delivering their own products and services while ensuring all obligations and terms are adhered to when it comes to dealing with vendors. Our proactive support management of complex agreements terms takes away a lot of the pressures on company owners and managers and allows them to focus on the more important aspects of their business.
Your company’s success will be defined by the value your customers place on you, regarding products and services and reliability. By using the Symfact third party risk management software, all your responsibilities from outsourcing to other services and third parties will be covered and will be focused on delivering that all important value to your customers and clients.
As a leading provider of Contract Management and Compliance Management Solutions, Symfact is in a position where we can enable enterprise-level customers to go about their business in a more productive way while reducing the high levels of risk involved with outsourcing. There are many different areas of contracts with outsourced partners that require a lot of detailed work, which can be managed through a single technology platform.
If you are struggling with managing documentation, deadlines, workflow, and commitments, Symfact can take care of all that for you – and as you scale, so can our system. Our technology is fully configurable with your current systems and processes, and will seamlessly fit into your existing IT infrastructure.
For any help with contracts and vendor relationship management, please get in touch with Symfact and allow us to explain how our services can help you.