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Vendor Risk Management Enhanced in Vendormate VISION™ Application
October 27, 2008 –Economic uncertainty makes monitoring supply chain risk an essential practice for all businesses. Vendormate VISION, the flagship solution for vendor risk management and ethics compliance monitoring, released powerful new tools today that track and reduce risks from existing as well as potential vendors. The application now allows buyers to verify that potential vendors have the financial strength to meet their needs as well as clear government sanction lists. New reports highlight risks from vendors and representatives already on board that could break a supply chain.
Vendormate collects, credentials, and monitors suppliers’ financial, legal, and ethical compliance. Vendormate VISION is a SaaS (Software as a Service) portal customized to the unique policies and branding of each customer. Healthcare systems and banks in particular rely on Vendormate to distinguish safe from risky vendors.
A vendor’s financial health directly impacts the buyer. Vendormate VISION now includes the ability to check a potential vendor’s financial health, as well as state and federal sanctions clearances, before adding them to the supply chain. Buyers can now pre-qualify a potential vendor within the same application they use to manage their existing vendors.
Expanded reporting released today gives buyer’s improved insight into supply chain risk at both the vendor company level as well as the individual representative level. Enhanced reporting allows materials managers summarize the risk factors of the company and of the individuals as well as flag visitor traffic in order to identify potential security exposures.
Many industries need to manage sales representatives’ access to certain locations, like healthcare procedural care areas, and traditional sign in logs are a loose security solution. Vendormate VISION tightens the security loophole by requiring personal photos at sign in. Before accessing a restricted area, visiting reps must have registered in the buyer’s customized Vendormate VISION application and uploaded a personal photo. At sign in, a single-use temporary badge with photo is created. Staff can see at a glance who belongs in the hall and who doesn’t.
About Vendormate, Inc.
Vendormate protects the health of supply chains with a unique vendor credentialing and compliance monitoring solution. The program assures compliance with both internal policies and government mandates, including OFAC Terrorist watch lists. An integrated badge feature controls access to facilities. Registered vendors are registered, screened, rated and catalogued by custom criteria and continuously monitored for non-compliance. 1-877-483-6368; www.vendormate.com; Blog vendorcompliance.wordpress.com.