Vendor Screening Program
Global Risk Management Solutions
(GRMS) provides companies and organizations with an innovative approach for the screening and compliance management of new and existing vendors, suppliers and independent contractors. The GRMS Vendor Screening and Management Program
includes domestic and international due diligence and risk mitigation services to ensure that your company has the knowledge you need to make informed business decisions to substantially reduce risk and the cost of managing vendor compliance.
In today's high risk business environment and turbulent economy, it is more important than ever for companies to know the background and financial stability of the vendors with whom they conduct business. Establishing a contract with a vendor without verifying credentials and licensing or uncovering any unfavorable financial or criminal background can have significant legal and financial ramifications. Even existing vendors may have changes in the stability of their company or may allow licensing and certifications to lapse.
The worldwide management of the licensing, credentials and stability of vendors as well as staying current with the myriad of ever-changing governmental compliance regulations has become increasingly complex and costly making it nearly impossible for any company to accurately and efficiently accomplish internally.
A mistake can be costly since your company is exposed to the risk of substantial fines and reputational damage anytime you knowingly or even unknowingly conduct business with vendors that may be listed on any one of these watch lists.
GRMS' Vendor Screening Program offers your company a comprehensive outsourced vendor screening solution to effectively manage and reduce risk while conducting business with vendors in over 120 countries. Our customizable screening programs will provide your company with the crucial information you need to safeguard your company from risk and exposure to non-compliance worldwide while also significantly reducing risk management costs.
Benefits of the GRMS Vendor Screening Program include:
- No cost to your company
Your external vendors and subcontractors pay the cost of screening services.
- W-9 Tax Form Verification and Management
Collection and verification that the number on W-9 tax forms matches the name of the company. Image of the tax form is securely stored online and is accessible 24/7.
- International Watch List Compliance
Assistance with international watch list compliance including the federally mandated U.S. Patriot Act (OFAC).
- Easy and efficient implementation
Your vendor screening program can be put into effect within just a few hours with minimal requirements of data from your company—GRMS' experts handle the implementation details for you.
- Quick processing turnaround
Screening results are delivered within 1 to 3 business days on average so you can continue to focus on your business.
- Domestic and international screening services
Screening services can be performed on both domestic and international vendors and can be customized to safeguard your company while conducting business anywhere in the world.
- Business entity and owner screening
Services include screenings of both the business entity and the owner of domestic and international vendors.
- Comprehensive customizable screening program with vendor grading
GRMS offers your company a customizable Vendor Screening Program that provides grading results based upon a vendor's ability to meet your company's unique risk management criteria and guidelines that are applied consistently across your vendor database.
- State of the art web-based program with remote access 24/7
GRMS’ proprietary web-based software and secure servers provide remote online access to monitor, manage and track all documents and view recommendations of your vendor grading results. The software program incorporates insurance certificate management technology, Optical Character Recognition technology and automated electronic real time status updates.
- On-going Insurance Certificate Management
GRMS tracks the anniversary dates of vendor's enrollment and expiration dates of insurance certificates. Your company is automatically notified of potentially fraudulent documents, changes in coverage amounts, expirations or cancellations.
- Cost Savings
GRMS assumes the responsibility of your ongoing vendor compliance management which will allow the reallocation or reduction of personnel hours saving your company time and money.
Discover GRMS’ global risk mitigation solutions for your company. Contact GRMS for your no obligation online demonstration of our programs.