As enterprises continue to outsource more aspects of their operations to third parties, they expose themselves to more shared risk. It can be a staggering responsibility. Most organizations understand the need to automate vendor risk management activities to keep up with increasing scope and scrutiny. Yet they struggle to identify and prioritize the key features their VRM solution must provide so they can make a significant impact quickly.
The following solution checklist can serve as a guide. It outlines key features that you should look for in a VRM solution and explains their significance in mitigating vendor risk.
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