Ensuring an Integrated Compliance Business Environment
Technology has enabled the growth and expansion of business to locations beyond geographical
boundaries. However, this growth has also brought in challenges for the organizations. Organizations
no longer just rely on the handshake agreement between two businesses but need a number of legal
binding contracts negotiated at the onset of business transactions. Moreover, with a large number of
vendors from various locations involved in the business process, streamlining vendor relationships also
becomes very necessary.
Most of the new age enterprises and the financial institutions follow the vendor management roadmap.
This is a process undertaken to access the risks involved in the building business relationships with third
party enterprises and vendors in an era of data sharing and outsourcing. Further, in face of aggressive
competition in the business environment, the ability of the key personnel in handling various issues
during the lifecycle of the contract becomes the focal point.
A vendor management solution developed by leading service providers in the industry sector enables
automation and streamlining of the vendor relationships. Being a web based solution; this facilitates
risk-based vendor selection, vendor relationship management, centralized document management,
remediation management and vendor compliance monitoring. The key features of this vendor
management services includes automatic monitoring and management of sensitive data and technical
controls, assess vendor risk and IT compliance ratings. It also enables measurement of vendor
compliance to policies, regulations and procedures, and trace and identify non-compliance vendor
The world-class cloud based automated IT security and compliance management solution offered by
these technology giants can be deployed in both small and medium business houses as well as large
conglomerates. Being a truly integrated IT compliance and security compliance solution, this paves
way for a quicker and complete end-to-end automation of security, compliance audit and risk
management requirement of the organization.
With built-in support systems for HIPAA compliance, ISO, COBIT and PCI compliance, this is scalable,
completely channel focused and customizable too. This innovative, unified monitoring service delivered
through the cloud has easy to use vendor compliance management framework. Further, this lone multi-
tenant solution available in the market today has a graphic user interface which can scale up from a
single user to multiple users and has built-in templates for policies and procedures.
Data breaches caused by the third party vendors are kept at bay by deploying the vendor compliance
manager. The holistic vendor management process addresses the risks and works towards developing a
governance, risk, and regulatory compliant business environment.
Also read on - vendor management, meaningful use of electronic health records