Strengthen Supply Chain Resilienceand Minimize Supplier Risks
Accelerate risk assessments by
Reduce risk incidents by
ServiceNow Module(s)
Third Party Risk Management (TPRM)
Phase 5 integrates supplier risk assessments into procurement processes to mitigate supply chain vulnerabilities, manage information security risks, and ensure regulatory compliance.
ServiceNow’s TPRM module automates risk assessments, facilitates secure communication via a third-party portal, and enables continuous monitoring and evaluation of supplier risks.
This framework centralizes risk management activities, enhancing the organization’s ability to proactively address risks, improve compliance, and maintain supplier relationships while safeguarding operational integrity.
WhatOutcomes Does Phase 5 Deliver?
Reduce Third Party Risk
Third-party relationships are integral to your supply chain, but they also introduce potential vulnerabilities. By implementing a structured risk management program, you ensure that due diligence is consistently applied before onboarding any third party. This comprehensive approach mitigates risks related to supply chain disruptions, information security breaches, and non-compliance with regulatory standards.
Comprehensive Risk Visibility
Visibility into the risk profiles of your suppliers is essential for informed decision-making. Comprehensive risk visibility provides a clear, detailed understanding of the potential threats each supplier poses, encompassing their operational practices, financial stability, and compliance history.
Proactive Risk Mitigation
Ongoing monitoring and regular risk assessments ensure that potential risks are identified and addressed before they can impact your operations. This proactive stance shifts risk management from a reactive to a preventive approach, safeguarding your organization against unforeseen challenges.
Enhanced Regulatory Compliance
Navigating the complex and ever-evolving regulatory environment is a significant challenge for many organizations. Automated compliance management within ServiceNow ensures that all suppliers meet your organization’s standards and legal requirements, reducing the risk of non-compliance.
Improved Operational Efficiency
Manual risk assessments and compliance processes are time-consuming and prone to errors. Automating these tasks with ServiceNow’s Source-to-Pay solution enhances efficiency by reducing the administrative burden on your teams, allowing them to focus on strategic initiatives.
ODS: Your Trusted Guide to Procurement Optimization
"ServiceNow’s Third Party Risk Management solution transformed our processes."
faster risk
assessments
faster issue
resolution
"ServiceNow’s TPRM module helped us streamline risk assessments and significantly reduce third-party risk exposure."
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Frequently Asked Questions
How long does the project implementation process take?
The implementation process usually takes between 3 to 6 months. The duration depends on the complexity of your environment, the speed at which decisions are made, and the efficiency of information provision.
Will you integrate ServiceNow with our current PO and ERP systems?
Yes, We have years of experience seamlessly integrating with most major PO and ERP systems to ensure data consistency and collaboration.
How long will it take to see the benefits of your solutions?
Our ServiceNow solutions are designed to deliver rapid results. We’ll work closely with you to set realistic timelines and milestones, ensuring you see tangible improvements as soon as possible. While some benefits, such as improved visibility and reduced manual effort, can be seen almost immediately after implementation, others, like cost savings and operational efficiency, become more apparent within a few weeks to months.
What kind of support does ODS provide after implementation?
We offer ongoing support, including training, system updates, and optimization services to adapt to your evolving needs.