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Protecting your business from risk is crucial, and vendors are an integral part of any business. This is why vendor compliance is important.
If you are concerned about vendor risk and need to handle Personally Identifiable Information (PII), it is crucial that you remain compliant with applicable laws and regulations.
Be on top of the recent and relevant policies and legal protocols
Have robust internal controls in place
Conduct regular checks and audits on all their vendors, whether internal or external
It is general practice for regulators to come knocking on your company’s doors to check for vendor compliance, among many other things. Companies need hard proof to demonstrate compliance, such as manuals, reports, and enforceable process controls.
In procurement and supply chain management, every decision your company makes can impact business stability and ultimately, your bottom line. Hence, understanding your suppliers is no longer a luxury but a necessity.
The lack of compliance from vendors or, worse, a data breach via a vendor’s system, could leave you liable for sensitive customer information. This is why you need Eyvo’s Vendor Management and Compliance solution.
Eyvo does not just have the obvious tools for vendor management, but we have gone one step ahead! We have leveraged Artificial Intelligence (AI) to elevate vendor management and compliance to the next level.
We have a fully integrated suite of tools and systems designed to:Understand supplier performance through intuitive and consistent rating systems
Give you a real-time view of supplier strengths and weaknesses
Ensure stability with suppliers based on financials, with our Credit Score Reporting feature
Compliance ratings made simple
You can easily monitor how your suppliers perform with clear, consistent ratings for quality, delivery, and reliability.
Compliance reports generated by Artificial Intelligence (AI)
Our AI-generated compliance reports give you a straightforward and systematic view of how your suppliers live up to your procurement practices and compliance requirements.
Reduces risk through insight
Eyvo’s AI-powered checks provide a clear view of supplier reliability, delivery performance, and financial health, helping you choose vendors you can trust.
Risk management and supplier credit reports go hand in hand. This is why managing risks through supplier credit checks has become important for organizations.
In procurement and supply chain management, trust alone is not enough. You constantly need proof that supplier financials are rock solid and that they can support your business in the long run. Without visibility into your supplier’s financial health, you expose your organization to imminent risks such as:
Delayed deliveries, which will disrupt operations
Price hikes can be unexpected, which erode margins
Vulnerable supply chains due to sudden business closures
Hence, your organization needs reliable supplier data, like credit reports, that will help with proactive risk management. At Eyvo, we have this feature readily available for organizations to identify their suppliers and evaluate their creditworthiness every once in a while.
Our integrated Supplier Credit Score feature enables seamless assessment of a supplier’s financial health and performance. This ensures that you know which suppliers to work with so they are as strong as your business needs them to be. With our reliable reports, you can:
Take control of your supply chain stability and the bottom line
Make decisions that are data-driven and reliable
Locate red flags early and manage risks better
Eyvo makes all the difference when it comes to managing risks and maintaining long-term relationships with your suppliers.
Contact us to see how we can take your organization’s supplier and risk management to the next level!
