Vendor Risk Assessment
Decrease time on evaluating vendors and reduce overall internal effort through automating your vendor risk assessment.
Vendor risk assessments are at the heart of every new procurement and pose a variety of challenges to business units who are simply trying to get deals across the line. It is in every company's best interest to make the vendor risk assessment journey as seamless as possible to allow for a quick yet thorough evaluation. Currently, companies use one standard vendor risk assessment that simply does not apply to every vendor. This leads to confusion and a lot of back-and-forth communication between the vendor and the company. Furthermore, once vendor risk assessments are submitted, there is usually a time intensive review that needs to take place to determine the risk score of the vendor in question. Once risk scores are determined, companies may have to escalate for managerial approval and do not always know when to do so or whom to seek approval from.
How Checkbox Solves Vendor Risk Assessments
How Does Checkbox Address It?
It is time-consuming to create bespoke vendor risk assessments for each vendor, based on the goods or services they provide.
Checkbox uses a single solution with smart form technology and conditional routing to direct Vendors to the questions that are specific to their goods and or services. This saves the procurement team and vendors time and ensures that they are only presented with questions that are applicable to them.
Vendors often provide incomplete information or forget to answer a question which leads to back and forth emails, spreadsheets and phone calls between the company and the Vendor.
Using our smart forms, field validation and on-screen guidance, Checkbox is able to ensure that vendors submit all necessary information in the correct format. Vendors are not able to submit their questionnaires until the assessment is fully complete.
It is highly time-consuming to review vendor risk assessments and put together a risk assessment report.
Checkbox uses a combination of our complex calculation engine, and document generation tool to produce a bespoke report that includes a transcript of all the answers provided by the vendor, as well as a recommended risk rating based on pre-defined business logic.
Risk assessment teams need to manually email or use offline communication methods to get approvals for vendors who do not meet the company threshold of risk. Many times, business users are unsure of who needs to approve the vendor, and under which conditions.
Using our drag and drop workflow functionality, Checkbox automatically triggers the appropriate approval process depending on the system calculated risk score, to the correct approver.
Risk assessment teams go through a high volume of vendor risk assessments that are often sent via email with no good single source of truth for them to be stored in.
Checkbox provides a customisable dashboard that automatically stores Vendor submissions, enables security teams to search and review previous risk assessments, and provides real-time analytics about prior submissions.
How Does Checkbox Automate This?
1. Vendors provide procurement information and are directed to the relevant questions:
Checkbox smart forms will provide the necessary on-screen guidance to allow the Vendor to get through the questionnaire without the need to reach out for help. Checkbox will only let vendors submit their assessments once they've completed all required fields.
2. Checkbox automatically creates bespoke vendor risk assessment reports:
Once the vendor completes their assessment, Checkbox will automatically generate a bespoke report summarising all questions answered by the vendor and produce a risk score using pre-defined business logic. Automatically email a copy of the risk assessment to the vendor for their own reference.
3. Checkbox automatically escalates vendor assessments to gain the necessary approvals when required:
Automatically escalate assessments to the correct approvers when risk scores fall below threshold. Capture senior manager approvals within Checkbox.
4. Automatically store your risk assessment results:
Use Checkbox's customisable dashboard to store your vendor risk assessment results for future reference. View real-time analytics of submitted vendor security assessments. Integrate with third party document management tools to automatically store vendor security assessments to their preferred destination.
What’s the Return on Investment?
On average, with Checkbox, the procurement team save 1 hour* through streamlining the entire end-to-end journey. By assuming that 500 vendor risk assessments are generated per year, 500 hours from the procurement team can be used to re-focus on higher priority work.
* Dependent on the length of the risk assessment
- Enable faster vendor risk assessment submissions
Make it easier for the vendor to submit their response by only asking the necessary questions, providing on-screen guidance, and ensuring that they answer all necessary questions before submitting.
- Eliminate errors and improve the quality of vendor assessments
The automation of information intake and sharing, in parallel with the standardisation of approval workflows ensures error-free assessments each time.
- Quickly customise risk assessments for each vendor
Through no-code, the solution can be easily and independently modified for any vendor.
- Improve vendor’s experience
Moving from manual based risk assessments to automated controls and workflow ensures the entire process is convenient and effortless for vendors, the risk assessment team and senior managers.
- View real-time assessment progress
Use the Checkbox customisable dashboard to understand common vendor defects, vendor risk score groupings, and progress of current vendor assigned assessments. Furthermore, all risk assessments in Checkbox can be exported for use in alternative analytics tool, such as Power BI and Tableau.
- No code app builder & studio
- Smart and dynamic forms
- Decision-tree logic
- Document automation and generation
- Automated email notifications
- Approval workflow
- E-signature and contract status tracking
- Integrations with third-party systems
- Tailored dashboards