New Vendor Risk-Management Features in ServiceNow’s Latest Xanadu Release
Being proactive about managing risk with third-party vendors is important for organizations of any size. ServiceNow makes it easier to assess risk and manage vendors through built-in tools and AI features.
Growing organizations often partner with third-party vendors as a way of doing business faster and better. For example, a business may hire a third-party vendor that has highly specialized expertise that is not available in-house or because they need to scale up quickly with minimal internal disruption.
Oftentimes this enables a business to go-to-market quicker, achieve cost savings, focus on core business, and/or achieve digital transformation goals.
However, when onboarding these new vendors, due diligence must be done to ensure minimal risk to the organization. It is important to evaluate factors such as adherence to quality standards, compliance with regulations, sensitive data, contract management, intellectual property and more.
Conducting a risk assessment can help organizations prevent serious issues, and using a platform, such as ServiceNow, with built-in third-party risk management (TPRM) tools can further protect your business.
ServiceNow’s TPRM features include a third-party portal for collaboration, robust questionnaires related to specific industries and regulations, risk scoring, portfolio management, intelligence reports and more.
With ServiceNow’s latest artificial intelligence (AI) release, Xanadu, even more TPRM features are available in the platform. Watch our webinar now for a walk-through of the new features and learn how ServiceNow can help you reduce risk and improve management of third-party vendors.
