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The Problem

Supplier risk management is a top corporate objective; however, identifying and monitoring supplier risk on an enterprise-wide basis presents a difficult challenge for most companies. The continuous monitoring of crucial supplier risk components such as financial stability, insurance coverage, and regulatory compliance can be extremely complex on a global basis. Additional challenges of limited resources, applying consistent standards, and consolidated reporting add to the difficulty of proactively managing supplier risk.

The Solution

GRMS' Risk Management Programs have changed how companies manage supplier risk by allowing them to be proactive as opposed to reactive.

Each program provides consistent, measurable standards that can be focused on strategic suppliers or tailored for a broader group. GRMS’ programs are easily implemented and allow companies to monitor and report the overall risk ratings of their suppliers in real time and managed in one secure location. GRMS’ Supplier Risk Management Programs can be client funded, supplier funded or a combination of both.

The GRMS Difference:
A service not a data source

GRMS is the recognized leader for providing global enterprise-wide risk management of suppliers, contractors and service providers.

The primary difference between GRMS and data only providers like D&B, Thompson Reuters, etc. is that GRMS is not a “data source or searchable database,” but rather a “technology-driven risk management 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. To learn more, click here.

GRMS' Risk Modules

GRMS offers eight essential risk modules that are comprised of a subset of risk components targeting key areas of supplier risk. Each client can select the risk components which best meets their needs based on factors such as geography, risk and spend.

Risk Modules


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.

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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.

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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.

In addition, GRMS has partnered with Ecovadis, the world’s largest and most trusted provider of business sustainability ratings, with a global network of more than 90,000+ rated companies, to incorporate these ratings into the GRMS overall risk assessment.


Risk Modules
+1 866 875-3299
iso@OMNIAPartners.com

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