Requesting and finding the right third party to support new business initiatives or to outsource existing activities can be time-consuming. In most organizations, supplier requests are handled through ad-hoc emails between business units and their procurement department. Often, supplier requests are delayed as key vendor information is lost and appropriate due diligence is not completed in accordance with the organization’s policies. Third party programs require a streamlined and automated approach to engage the business unit up front in the supplier request process.
To address these needs, RSA Archer has released Third Party Governance enhancements to streamline the supplier request process. Updates to the RSA Archer Third Party Engagement use case automates the process for:
- The business user to request third party products and services
- Procurement managers to evaluate and manage these sourcing requests, identify if existing third party relationships can satisfy the request, and manage and assess new relationship RFPs in timely manner
- Third party risk managers to quickly evaluate the needed scope of a third party risk assessment to limit the amount of time spent performing risk assessments
By engaging the business unit up front in the supplier request process, you improve the likelihood of capturing new third parties earlier in the evaluation cycle so risks can be more thoroughly vetted and time isn't wasted having to eliminate prospective third parties that are found unsuitable at the end of the evaluation cycle. Time is also saved by identifying the applicable risk categories of prospective third parties so risk analysts can quickly evaluate the supplier’s inherent risk. And finally, procurement managers can easily identify if existing, previously approved third parties can fulfill a business unit's sourcing request instead of needlessly vetting new third parties.
The Supplier Request features now available within the RSA Archer Third Party Engagement use case allow organizations to incorporate their supplier request process into the overall third party governance program. These new features:
- Streamline the process for business unit managers to request products and services from third parties
- Engage procurement and risk management teams in the supplier request process
- Monitor requests from start to finish to make certain that all due diligence is completed and requests are handled in a timely manner
- Assure appropriate stakeholders are engaged in the review and approval process prior to contracts being signed
These enhancements reinforce RSA’s commitment to “inspire everyone to own risk” by raising awareness, assuring program effectiveness and efficiency, and promoting transparency.
To learn more about these enhancements, I invite existing RSA Archer customers to join me tomorrow at our Free Friday Tech Huddle highlighting these new features. In addition, you can learn more by visiting the RSA Community, or contact your RSA Archer Sales rep.
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