Healthcare Company Implements VRM In 6 Weeks

A healthcare organization tried to implement an out-of-the-box vendor risk management solution but the project stalled when they realized they needed more customization than was possible. They had a very mature process in place for vendor assessments and needed a platform that could accommodate their design. The company was well-prepared with documented and well thought-out processes.

They worked with Rsam to implement a solution that covers more than 1500 vendor assessments a year. They are using control-based assessments with questionnaire findings for the gaps. After successful completion, review and approval of an assessment, an internal risk memo is generated indicating approval or denial of the vendor. Business unit leadership approval is automatically required for any vendor designated as high risk.

The company has successfully automated an extremely manual process thus eliminated the use of  spreadsheets and time-consuming follow ups and delays. They are working on the second phase of their design, which will include additional functions as well an integration with D&B for financial intelligence.

Learn more about Rsam’s Vendor Risk Management solutions here.