Worldwide Services has partnered with GRMS to offer an enterprise-wide supplier risk management program.
See how GRMS can help your company.
The Problem
Supplier risk management is a top corporate objective but identifying and monitoring supplier risk on an enterprise wide basis is a difficult challenge for most companies. Managing suppliers in multiple countries as well as staying knowledgeable about the myriad of ever-changing global watch lists and compliance regulations is nearly impossible. Resources are limited, consistent standards are not applied, and consolidated reporting is difficult at best.
The Solution
GRMS’ Risk Assessment Programs are designed to assist companies to identify and reduce risk in their supplier base on an enterprise wide basis. GRMS has specifically designed eight modules to mitigate and continuously monitor risk for U.S. based and internationally located suppliers. Each module provides consistent measurable standards which can be focused on strategic suppliers or can be tailored for a wider group. Each module can be easily implemented and includes robust reporting functionality.
The GRMS Difference:
A service not a data source
GRMS is the recognized leader for providing global enterprise-wide risk assessments of suppliers, contractors and service providers.
The primary difference between GRMS and data only providers like D&B, Thomson Reuters, etc. is that GRMS is not a “data source or searchable database,” but rather a “technology-driven service company.”
Data source companies provide inexpensive raw data that has not been verified, and they do not validate documents. GRMS provides services that include the verification of data, physical review of documents and a support system that assists suppliers to get into compliance with their client’s risk assessment requirements.
GRMS' Risk Modules
GRMS has created eight primary modules that are comprised of a subset of risk components targeting key areas of supplier risk. Each client can select the modules and/or components which best meets their needs based on factors such as geography, risk and spend.
STABILITY
Provide a continuously monitored Financial Stability Risk Score for U.S. suppliers and credit reports for companies outside of the U.S.
Digitally pulls insurance verification data directly from the insurance providers’ database and compares it automatically against the clients’ requirements in real-time, essentially eliminating the need to collect and assess a Certificate of Insurance.
PROTECTION
Provides clients with access to an extensive proprietary database of entities linked to illicit activities from over 30,000 news sources worldwide.
COMPLIANCE
Monitor suppliers against over 1,500 global governmental enforcement and sanction sources. Collect and manage various governmental regulations documentations.
SECURITY
Provide a powerful cyber-security rating service that discovers, contextualizes and grades with continuous updates the security posture of all suppliers that have access to your data.
VERIFICATION
Collect, manage, and validate any standardized document. Documents are matched to the client’s sample template and securely stored online with automated alerts of any changes.
ESG is an area of high focus in today’s business environment. The GRMS Supplier Risk Assessment Program can help clients learn more about how their suppliers are addressing these three key pillars.
SAFETY
Desktop review of safety manuals, collect a customizable hazard identification survey, provide OSHA Fatality, injury and illness reporting.
Digital Insurance Verification
GRMS has created dynamic data integrations between our Veritas platform and the leading Agency Management Systems (AMS) which are directly integrated with the insurance carrier’s databases eliminating the need to request a Certificate of Insurance (COI).
Using this technology, GRMS digitally requests insurance verification data directly from the supplier’s agent. The verification is done in real time and compared against GRMS’ client requirements. This integration continuously monitors the carrier’s databases for any changes or updates and if detected, will update the supplier’s risk assessment instantly.
Health and Safety
GRMS along with a team of safety professionals, have created a comprehensive HSE program that is significantly less expensive and much easier to complete than the Avetta and ISNetworld programs. This new program enhances our existing enterprise-wide supplier risk management programs which include Digital Insurance Verification (DIV) and financial stability assessments.
Environmental, Social and Governance (ESG)
The GRMS Supplier Risk Management Program can help clients learn more about how their suppliers are addressing the three key pillars of ESG.
- +1 855 894-6400
- Sales@WorldwideServices.net
