Supplier Risk and Compliance
A typical company will have at least as many suppliers as employees. And those suppliers may be spread across various business units, geographies, and data silos. In fact, it is likely that every single person at an organization will be impacted by a third-party provider in some regard. This is why it’s critical to ensure that the supply base is compliant and that risk is well defined and mitigated. But data management is a considerable challenge; across enterprises, 41% of data is stale (untouched over 3 years) and another 12% of data is ancient (unmodified over 7 years).
Benefits of Supplier Compliance and Risk Reduction
Improved Data Quality
A data compliance program can help to improve data quality by ensuring that suppliers provide accurate and up-to-date data.
By implementing a data compliance program, organizations reduce risk by identifying and addressing potential compliance issues before they become a problem.
Increased Data Security
Keeping on top of supplier data can improve data security by ensuring that suppliers comply with data security regulations.
Vendorful helps organizations keep supplier data fresh
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