Industry best practices, as well as regulatory guidance, dictate that a comprehensive vendor oversight program that includes ongoing monitoring should be put in place. An oversight program will generally include the monitoring of the third party’s quality of service and reputation, risk management practices, financial condition, and applicable controls and reports to identify weaknesses or undisclosed risks that a vendor may not be forthcoming about.
Venminder, through a strategic partnership with Argos Risk®, offers a solution known as AR Surveillance™. It is a web-based solution that provides an easy, actionable and affordable method to complement the ongoing monitoring of your vendors.
Integrating Argos Risk AR Surveillance into the Venminder platform allows you to systematically monitor your vendor’s business health and receive timely alerts when changes occur. It can identify early warning signs that may warrant your close attention by leveraging over 10,000 data points to assign risk scores.
