Elizabethtown, KY - Venminder, an industry recognized provider of third party risk management solutions, today announced a new feature to their platform that allows organizations to track, monitor and remediate service level agreements (SLAs). The new feature is built into their market-leading third party risk management software and provides a comprehensive way to ensure third parties are meeting performance expectations.
A service level agreement – commonly called an SLA – is a key component of every contractual relationship with third parties. SLAs define the expected performance targets, establish how the service will be measured and the remedies or penalties (to include termination for repeated failure), if any, for non-compliance with the agreed service levels. SLAs are also commonly used as an early warning sign of bigger issues that could be appearing.
“We’re invested in driving Venminder’s product innovation and offer the best solution on the market. With the launch of SLA Management, we are enabling our clients the ability to take their third party risk management programs to another level,” said James Hyde, CEO of Venminder. “We’re excited to have launched SLA Management as it equips our clients with the tools they need to exceed both industry best practices and regulation expectations around managing SLAs today.”
The release to Venminder’s platform means that clients can:
- Document contractual SLAs to include their performance thresholds for remediation and escalation
- Schedule ongoing monitoring and track SLA performance
- Manage and record performance issues through to remediation
- Receive history and full reporting on SLAs being monitored or under remediation including executive level and trend reports
Venminder’s software also offers in-app services including document collection and due diligence reviews that can save an organization valuable time, money and resources. Venminder in-app services are fulfilled by on-staff industry and certified experts which include paralegals that review and enter contract data points, CPAs that review vendor financial documents, CISSP’s that review SOC reports, cybersecurity preparedness, business continuity/disaster recovery plans and more.
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