For many companies, onboarding and managing vendors is fraught with time-consuming and inefficient processes.

Procurement and Contract Management is an Application in Risk Cloud you can use to make your vendor onboarding process easier, starting with the first steps of procurement through contracting and vendor setup.

How It Works

The Procurement and Contract Management Application helps you standardize the onboarding process across the organization so contracts, vendor information, service-level agreements, and compliance tasks follow the same review and approval process and are centrally stored.

By standardizing the onboarding, review, and contract management processes across the organization with this Application, third-party vendors can be more efficiently managed.

Why You Need It

• Facilitate all vendor contract details, including contract drafting, legal review, execution, and renewal notification
• Monitor service-level agreements to extract all important clauses and commitments for action by the relevant party
• Access customizable, pre-built workflows for submitting, tracking, and storing vendor requests and documentation