Vendor Verification

Consistent and Reliable Process for Vetting New Vendors

To contract a vendor is to initiate a relationship: when you do not know who you are really dealing with, you expose your business to risks that can have enduring consequences. Vendor verification process helps to understand all the potential risks a supplier may bring into your company.

OSP vendor risk management automates the vendor verification process, establishing a single, standardized, easily accessible and enterprise-wide process for introducing a potential provider into your vendor database.

Determine Vendor Criticality
and Confidentiality Risk Levels

Not all vendors merit the time and expense of a deep vendor onboarding process. OSP queries the requestor with targeted vendor risk assessments, focusing the vetting on the two key areas: confidentiality and criticality. By assessing risk, OSP platform ensures that vendors with genuine risk potential receive sufficient vetting, while not wasting enterprise time and resources on low-risk providers.

Screen For Potential Overlap

During the vendor verification process, OSP platform assembles all vendor profiles into one consolidated database, alerting requestors to previously established vendor relationships within a given provider category.

Create Relevant Vendor Risk Assessment Question Sets

Traditional spreadsheet-based vetting processes fail to distinguish differences in vendor risk potential, responsibility, or activity, often imposing the same set of questions regardless of relevance. OSP platform applies category and risk considerations to assemble sets of relevant questions for each vendor, eliminating hundreds of time-wasting queries during vendor verification and onboarding.