New mandates ranging from HITECH & ICD-10 in healthcare, FDA & Corporate Integrity in Life Sciences, to FDIC guidance in financial services require regulated entities to ensure that their suppliers and other trading partners comply with the relevant regulations. Individual state privacy regulations have just complicated this critical issue. The need to assess the risk associated with your complete supply chain, as well as your own internal groups, makes this a significant effort.
The Automation Challenge
Tracking your supply chain risks manually using spreadsheets and e-mail is extraordinarily labor intensive and error prone. The problem is compounded by the need to do this on an ongoing basis – it is a complex process that is ideal for automation. Our customers consistently tell us that they use Avior BenchMark because they want their people focused on finding and fixing problems, not doing data entry. By working with Avior, our customers save money by reducing labor, eliminate errors from manual processes and get results in less than 30 days.
The Program Solution
Avior has the solution – literally. We developed the BenchMark - Vendor Risk Management solution to meet these new needs of a comprehensive view and management of your supply chain. First, the BenchMark-VRM is ready to go with all of the components needed to run a successful program. Everything from workflow management, to surveys, to audit capabilities are standard. BenchMark-VRM has all of the necessary reports and dashboards to ensure effective management and oversight of the program. Second, the BenchMark-VRM uses Avior's on-demand platformenabling you to get results quickly, saving valuable time.
BenchMark-VRM can be quickly tailored to the specific needs of your organization. This can include custom data feeds to consolidate external financial data or internal ERP information. Assessments can be quickly customized to incorporate existing and future corporate requirements. Workflows can be customized to match existing processes. Automate the vendor on-boarding and vetting process. Policies and controls can be dynamically mapped into a central repository of multiple regulations, best practice models and other authoritative sources, providing a single efficient view.