Procurement and Contract Management: Third Party Risk Application

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What Is Procurement and Contract Management?

Procurement and Contract Management is how businesses come to terms and manage all of their different vendor relationships. Within an organization, departments and stakeholders have varying vendor needs with unique onboarding requirements. Managing this collection of vendors across an enterprise can be an unruly and time consuming task with costly implications if legal requirements or deadlines are not met.

Procurement and Contract Management on Risk Cloud™

Risk Cloud is a cloud-based platform with a suite of pre-built Applications that transforms the way you manage GRC processes by combining expert-level content and service with easy, no-code technology.

Risk Cloud’s Procurement and Contract Management is a pre-built Application to help your procurement team manage the contract management lifecycle including intake, review, and tracking. 

Simplify Service Level Agreements

  • Monitor vendor contracts and associated service level agreements (SLAs)
  • Ensure the appropriate due diligence is performed before partnering with a new vendor or accepting a new service provider
  • Manage contracts and obligations that are qualified and approved by your procurement team
  • Send automatic notifications to vendor relationship owners and purchasing teams when key dates are approaching, such as contract renewal and SLA reviews
Simplify Service Level Agreements
Create a Single Source of Truth for Vendor Contracts

Create a Single Source of Truth for Vendor Contracts

  • Vet and perform due diligence for new or existing third-party vendors with a pre-designed questionnaire aligned with widely adopted standards
  • Easily access and visualize all vendor information and questionnaire responses with the ability to share results across your organization's vendor landscape
  • Earn trust with your customers that procedures are in place to protect their data
  • Request SOC 2 evidence for vendors to advance assessment efforts for you and the vendor being reviewed

Get Proactive with Procurement

  • Maintain a central repository of billing information, payment terms, vendor contact details and service level agreements all in one place
  • Break down silos across business units by allowing all vendor representatives to submit contract requests to the procurement team via a request portal
  • Standardize procurement across your organization to ensure that everyone is following the same approval process
Get Proactive with Procurement

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