Vendor Risk Management
Save time, improve coverage, and reduce total cost of risk
Vendor and other third-party relationships present significant risks to business; however, managing this exposure can be complex and time-consuming.
Aon’s Vendor Risk Management (VRM) bundles a SaaS application with related insurance services to help users manage third-party risks, track compliance with custom insurance requirements, analyze risks as a portfolio, and enable vendors to seamlessly procure insurance. VRM is the only enterprise end-to-end solution that allows companies to both manage third-party insurance requirements, and to enable third parties to procure the required insurance coverage via a “get a quote” button.
With VRM, you can:
Automate business processes to save time - with VRM, companies can save time and reduce human error by eliminating spreadsheet tracking, manual certificate of insurance (COI) review, and manual follow up. VRM’s central platform enables the teams to collaborate and share data. And it highlights the riskier, non-compliant third parties so you can focus outreach efforts where they matter most.
Lower total cost of risk (TCOR) - VRM helps clients set custom insurance requirements, ensure third parties meet insurance requirements, reduce third-party induced TCOR, and streamline administrative efforts by enabling non-compliant entities to purchase the right coverage quickly and seamlessly.
Simplify your compliance processes
With VRM, you can monitor which vendors meet your insurance requirements, including those coverages needed for legal compliance and audit preparedness such as GDPR. Vendors upload COIs to be checked by the platform and Aon personnel. If coverage is not met, the vendor also has the option to procure a policy to remedy the non-compliance via the VRM tool. Whether you have many complex requirements or just want consistency across your vendors, you can customize VRM to address any insurance compliance standards and grant any exceptions you desire right in the tool.
Implement quickly and easily
VRM can be implemented in 90 days. All you need to do is set the insurance requirements and enter data on your vendors. Aon can guide you through a simple setup and onboarding process. Contact us today for a demo.