An effective a vendor management and oversight process occurs when the process is assessed from several perspectives. This web based VMO assessment system not only helps to assign vendor risk, but helps to identify the institution’s possible business exposure from a faulty VMO process. • It uncovers problems before the auditors find them • It is a path to cost avoidance (fines) • It lowers consulting / internal auditing costs while improving information • It reduces risk Ultimately, this assessment will result in not just compliance but improved business performance. All vendors are classified by function (usually major/minor), risk (low, moderate, high), and other internal criteria (price, length of project, access to data, etc). The combination of these three identifiers will determine the required participation in the RFP process, and the documentation requested for inclusion on the Approved Vendors list. To acquire data about the VMO process, respondents are asked to answer a query that is automatically scored, prioritized, analyzed and sorted to characterize the process and drive corrective action . Once the data is gathered management and problem solving teams are provided with a variety of data displays to understand and prioritize problems for corrective action.
Using this tool starts with identifying and communicating with the desired respondents. They need to know what the assessment is, why it is being conducted, and what to expect when it is complete. It is important to reinforce that their results will be confidential and they are encouraged to be candid and reflect reality, not what should be. It is easy to assess 100% of a target population, not just a small sample typical with “face to face” assessments.
A time period (perhaps 2 weeks) is defined as the “open period” during which time, the respondents can access the survey portal from any Internet Explorer connection available to them, and respond. They are allowed to respond in multiple sessions if needed (in other words, they can answer some questions, logout, and come back later to answer the remainder).
Once the open period is over, the analysis tools can be utilized by management and other problem solvers to identify strategic strengths and weaknesses, contrast performance across various demographics including locations, titles, departments, functions, etc. and finally derive concise actions to solve these problems.
Try It Now!
Welcome to the trial version of the Vendor Management and Oversight Risk Assessment. Please use Survey Code: vmosampler to participate. You will be provided a unique Survey ID when you begin. Please write this down for reference. You will need it to view and compare your results. For More Information Contact: NeuraMetrics Inc. Corporate Office 1183 Blue Heron Lane West Jacksonville Beach, FL 32250 Phone: 904-246-9733 mstangelo@neurametrics.com
Independence - dedicated and focused resources that provide a broad-based prospective with an industry best practices approach. Expertise - Deb Donaldson has specialized knowledge and technical skills backed by more than 20 years of experience in banking, financial application, software models, and consulting services with an emphasis on asset-liability management, internal audit, investments, operations, profitability analysis and risk, and vendor oversight management.
Results - customized solutions including educational instruction, policy and procedure creation and review, as well as the development of comprehensive internal audit programs to help ensure compliance with the most complicated internal, external and regulatory requirements
Product In partnership with Alpha-Numeric Consulting LLC NeuraMetrics™ has developed a Vendor Management and Oversight Risk Assessment…. Vendor risk assessment is a continuous process initiated at the time of the vendor contact and sustained through the evaluation of the performance of services. Vendor Management and Oversight (VMO) is not only a requirement, but an area of increased focus by the auditors and regulatory agencies across all disciplines. Companies are now outsourcing many of their functions to third parties and are expected to manage these relationships to ensure that all services are delivered to their customers according to a certain standard of expectations, and that confidential information is safeguarded against unauthorized access or use. Click here to learn more about our Vendor Management and Oversight Risk Assessment.
