Using Excel for your vendor management can make the data cumbersome for you to manage and difficult for your examiner to read. So why are you still using those spreadsheets?
It's time to move on! Yes, I know, it may be uncomfortable to switch up the way you do things, but it really is necessary. With more standards today, it’s simply not possible to design an Excel spreadsheet that can do it all....
Excel Is Overwhelming and Inefficient
To make an Excel sheet that encompasses everything, you would need to create one that had:
- One sheet for every third party
- Tracking of their due diligence
- A tab for their third parties
- A tab for the risk assessment and supporting documentation
- A tab for the ongoing monitoring
- A tab for the contract and all of its components
You can see where I’m going with this – even if you did create the magic unicorn of an Excel spreadsheet that can do all of this, how would you keep it updated across hundreds of potential third parties? Worse yet, what if you find something you need to add… you’d be breaking open every one of them.
Simply Find a Different Tool
There are lots of software solutions out there (ahem, shameless plug to visit our solutions page to learn more), ranging from the basic to the incredibly complex. With a vast array of features and a team supporting the work, the solutions available can help automate, streamline, efficiently track, accurately manage, set reminders, send emails and generally improve your compliance with the ever-increasing regulatory environment.
So, dial back the Wayback machine to 1999, drop off the Excel spreadsheet and then come back to the future and enjoy the beauty of 21st century tools.