Vendor Risk Management as a Service
Why you may need to implement Vendor Risk Management
Modevity Vendor Risk Management Services can assist you in protecting your company’s financial position, operations, and reputation going forward.
Our analysts are experts in due diligence open source research and will become a seamless extension to your team. Your organization will not need to implement additional new Vendor Risk Management software in your department and no longer need to provide staff resources support.
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Vendor risk Management
WHAT IS IT?
WHAT IS VRM ?
The goal of Vendor Risk Management is to manage vendor risk. Industry Compliance experts have defined ‘Vendor Risk’, as any person or organization that is connected to a supply chain or is executing business on an organization’s behalf such as a supplier, distributor, consultant, agent and/or partner. Potential vendor threats can expose a company to Operational Risk, Financial Risk, Cyber Security and Reputational Risk.
The supply chain is the life blood of most companies. Dealing with a problematic vendor, such as a supplier in financial difficulty, a sweatshop in China, a manufacturer controlled by a Russian Oligarch, or any company associated with an individual on the US and Global Sanctions list can create a major source of reputation risk, compliance risk and financial exposure for your company.
Through Investigative Due Diligence we can…
- Identify significant risk factors
- Protect a company’s reputation
*Modevity, LLC is listed in the FINRA Compliance Vendor Directory
MODEVITY HELPS YOU MANAGE YOUR VENDOR RISK BY LEVERAGING THE MOST CURRENT AND ACCURATE DATA WORLD-WIDE.
Modevity has implemented Thomson Reuters CLEAR a cutting-edge investigative platform and other database technologies and open source tools that enables us to quickly obtain a complete picture and evaluate risk of your vendors, partners, and investors.
With CLEAR’s third-party risk management software, the Modevity team can support our clients to mitigate their corporate and reputational risk through billions of data points of public and private data with a scalable automated process and powerful vendor reports.
- We will verify vendor identity for accuracy, minimize the potential for fraud, and meet regulatory requirements.
- We will Identify any risk associated with the supplier you are examining, such as redundant SSNs, OFAC and PEP listings, criminal records, and businesses tied to the same FEIN, litigation, etc.
It is a comprehensive outsource solution for Vendor Risk Managed Services
Our due diligence research expertise supports organizations by mitigating varied company and regulatory risks and utilizes powerful database technology, AI and open source tools to provide real-time reports for the identification of risks when conducting business with vendors across varied departments or operations. We provide our clients with vendor background screening, risk rating, surveys, on-going monitoring, and reporting services.
- Our Team can configure your risk analysis profile to fit the unique requirements of your organization. We quickly review an array of risk indicators and provide a score and report that immediately identifies if the supplier carries too much risk.
- Our reports show key information that indicate level of risk associated with a person or business. We save your team valuable time by eliminating the need to plow through vast amounts of data by getting a high-level view of risks associated to your vendors and partners.
- Our reports provide an additional layer of protection against identity fraud and allow your organization to know when further enhanced due diligence investigation research is needed.
VENDOR FINANCIAL RISK EVALUATION & REPORTING PROCESS
Learn more about how our outsourced VRM services can help you
Receive Single or Multi-Year Financials from Vendor
Map Vendor Financials to Modevity Analysis Model
Review Critical Financial Indicators
Business Credit Report Screen
Indicator Scoring
Dashboard and Repository
BENEFITS OF VRM
Learn more about how our outsourced VRM services can help you
Fully Outsourced
Global Coverage
Cost Effective
VRM FAQ
General Questions
Also, feel free to contact us or schedule a call
Any outside entity, individual (e.g., suppliers, vendors, service providers, consultants, partner organization), can be classified as a third party. They are connected to or has access to organizations supply chain or physical locations and needs to be evaluated using due diligence vendor risk ratings reporting and assessment questionnaires and other tools.
It is important to manage third-party risks to make informed risk management decisions and comply with regulatory requirements and organizational compliance policies. Failure to adequately manage third-party vendor risk may increase your organizational exposure to operational risks, major data exposure, financial losses, and significant, and adverse reputational impact.
Modevity provides a comprehensive outsource managed services for client organizations Vendor Risk Management program needs. We will Identify all red flag risks associated with the vendor/supplier in your supplier chain, such as but not limited to OFAC and PEP listings, criminal records, litigation history, liens, judgements, etc.
