Procurement Risk Management
Achieve Vendor Spend Compliance – And Protect Your Business
When it comes to vendor spending, there are multiple risks facing your organization– you need to be in compliance, make it easy for your vendors to conduct business, and protect your organization’s reputation. LogicManager’s holistic bundle is your go-to solution to protect your business when engaging with suppliers. Our Vendor Spend Compliance software allows you to:
- Identify how much you are spending on vendors and ensure it meets diversity requirements.
- Understand and manage regulatory standards, especially when engaging with diverse suppliers who may be subject to new requirements.
- Identify critical vendors– and their associated risks using intuitive, objective risk assessments.
- Provide transparency to your vendors and create a seamless, intuitive user experience.
- Easily integrate disparate ERP systems, including Workday and Deltek Costpoint.
This application can be achieved through:
VETTED BY THE BEST FOR PROCUREMENT RISK MANAGEMENT
Why Logicmanager? – Users of LogicManager’s ERM software explain how their risk management programs have benefited from our platform and expert advisory service.
Customer Success StoriesExplore How Companies Overcame Challenges With Our Procurement Compliance Solution
How To Take a Risk-Based Approach to Third-Party Risk & Contract Management
In this presentation, Bryan Phillips from Federal Home Loan Bank of Indianapolis discusses the third-party life cycle and how he built his TPRM program with LogicManager.
Risk-Based Third-Party Management in the Financial Industry
How one bank used LogicManager to overcome third-party risk management challenges and achieve success
What Our Customers Are Saying...
The LogicManager DifferenceA Holistic Approach to Procurement Risk Management
Business Decision InsightsFocus on What’s Important
Through our ERM and GRC software, we allow our customers to spend more time strategically managing risks– and less time on tedious administrative activities, like data cleansing and manipulation. Eliminate repetitive reconciliation between systems.
Customer ExperienceStreamline Your Risk Management Program
Unlike other software that requires IT professional customization, our solution allows customers to control engagement through an end-user configuration. Link risks and controls to the business areas and resources they impact with our taxonomy technology. This approach enables faster time-to-value and allows organizations to evolve their programs over time, not to mention a quicker return on investment.
Risk-Based ApproachPrepare for Tomorrow’s Surprises Today
We believe success is a result of effective risk management. Taking a risk-based approach to your risk program allows your organization to prioritize time and resources appropriately, determine functional areas that pose the greatest threats, and identify the most critical controls.
Free eBook5 Steps for Better Risk Assessments: Financial Edition
Learn how to make your assessments comparable across departments and levels, aggregate the information in a way that adds value to your financial organization, organize your risk assessments to comply with the big regulators like the OCC and FFIEC in this free eBook.
CapabilitiesAn All-In-One Vendor Spend Compliance Platform
Frequently Asked QuestionsFoundations of Vendor Spend Compliance
Without linking your vendor management and accounts payable processes, you are setting your organization up for overpaying vendors, missing renewal pricing discounts, or missing key compliance elements. The same is true for Accounts Receivable with under collections and missed opportunities for contractual term negotiation and realignment at renewals.
Consultants and additional FTEs are required to run a due diligence and contract program in the absence of software. Once you factor in the cost of unintended auto-renewals, overpayments, and poor expense management of contract terms, expenses, and liabilities due to gaps between those in the organization that rely on the vendor, procurement and finance become high. In organizations, avoidable duplicate payments represent about 0.5% of all payments. Although 0.5% doesn’t sound like much, it does reflect significant sums at scale. For example, 0.5% of $1B in AP is $5M in duplicate payments going out each year.
Companies are increasingly being required to report on their spending with diverse suppliers, including minority, veteran, disabled, and women-owned businesses. Regulators often require companies to report quarterly on their diversity data, from the number of contracts in place to how much is spent.
The risks of waste, fraud, abuse, and noncompliance in financial transactions increase unnecessarily when finance lacks transparency and accountability; accountability with vendors, and on behalf of the many stakeholders across the organization that those vendors serve. This can result in preventable financial reporting misstatements, cash flow inaccuracies, contract disputes, or even regulatory liabilities.
Vendor Spend Compliance is more than just the contractual money owed by a business to its suppliers. Managing financial transactions of an organization and their accounting means identifying the sources of risk in vendor management. These risks are controlled by integrating an Enterprise Risk Management (ERM) system to provide a supervisory umbrella over your Enterprise Resource Planning (ERP) system. ERP systems record risks that have already happened, while LogicManager’s ERM system manages all the risks that have not yet happened. That way, you can prevent the negative impact of risks by providing better governance over financial controls within your operations.
Integrating disparate systems, like Workday and DelTek Costpoint, can help companies:
- Eliminate quarterly reconciliation between their various systems
- Make it easier to interact and receive information from vendors
When conducting business with vendors, there are a variety of risks your business faces, from financial to reputational. Procurement risk management software helps your business keep compliant while protecting your organization’s reputation by identifying and mitigating risks before they become an issue.
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Request a DemoLearn How LogicManager’s Procurement Risk Management Software Can Transform Your Third Party Risk Management Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
