Risk managers everywhere cite lack of vendor engagement as the #1 challenge in 3rd party compliance. Just as customer success begins with the sales process, so does the compliance success of your vendors begin with their introduction to your program.
At Trust Exchange, we have created a platform that is social and accessible by design. Vendors using our platform enjoy a remarkable increase in efficiency via the submit-once-share-with-many transactions enabled by our collaborative compliance engine. However, without a sound onboarding process, vendors are less likely to engage and realize these benefits. The key to successful onboarding is to remove as much impedance as possible. Use these three simple steps to make it easy for your vendors: Create your vendor profiles. Invite your vendors to Trust Exchange. Advise your vendors to claim their company profiles.
Create Vendor Profiles
While vendors could simply be given a link and instructions to create their own profiles, creating their profile for them gives them a head start. Once a vendor realizes their company is visible to both current and prospective customers on the Trust Exchange, they quickly see the importance of maintaining their profiles.
Creating a profile can be done in minutes in a few simple steps*:
Search for your vendor on Trust Exchange. If you deal with a subsidiary, you will want to monitor both your local vendor and the company HQ. If you find that your vendor already exists on the Trust Exchange, you can simply add their company to one of your monitoring portfolio lists.
If you don’t find your vendor, add them to Trust Exchange by clicking on “+ Add Company” and filling in the Basic and Additional information tabs, as desired. Note: The contact you add in Basic Information is your internal contact at the company, and is not displayed on their public profile.
Once you have added your vendor, you can click on “Jump to their profile” and then select “Add to Lists” to begin monitoring them.
*If you have a very large number of vendors, contact us for information about curation services or direct importing.
Invite Vendors to Trust Exchange
I like to call this an invitation, but really you are notifying your vendors that you require that they submit due diligence via the Trust Exchange platform. For vendors who need some initial hand-holding, the Trust Exchange team is standing by to assist.
Vendors register for a free account:
Contact your vendor account manager to let her know that you are using the Trust Exchange platform to monitor vendor compliance and performance. If you have a separate contact for compliance requests, copy him as well. I recommend making a compliance submission request with a near-term deadline along with your initial email, so that your vendors will have something they need to do and thus will have an incentive to engage right away.
Your vendor may need a Letter of Authorization to submit compliance information via the Trust Exchange, rather than sending it directly to you. This simply verifies that you are authorizing them to meet their compliance requirements by making these submissions. You can download a template for your LOA here.
Include a link to register and to our Zendesk site, where your vendors can view our knowledge base, watch tutorials designed specifically for them and request training and support. To register, your vendor will use their company domain email (if they have one), and then create a username and password. Once they do so, they will receive a message to verify their email, and then they will be welcomed to the Trust Exchange community.
Advise Vendors to Claim Their Company Profiles
Now that their profiles are set up and they have registered, your vendors can begin submitting and sharing information with you. They can also monitor their own profile to receive alerts about compliance requirements and manage their company’s reputation in the Trust Exchange community.
To claim a company, manage its profile and receive alerts
Claiming a company is easy: vendors search for their company, then click on “Claim Company” at the top of its profile and submit the claim request form. They will receive an email notifying them once their claim has been verified.
Vendors can also add their own company to their default “Companies of Interest” portfolio monitoring list, and turn on monitoring to receive alerts about expiring compliance requirements, reviews posted in their timelines, and other events about their company. To receive a daily email digest of their alerts, they should make sure that “Alert Email Notifications” are turned on in their account settings.
We encourage vendors to update their company’s information and add their own public events such as awards or new products, as well as make private compliance submissions. This is a great way for vendors to leverage their visibility on the Trust Exchange to appeal to prospective customers.
Following these steps will minimize impedance so that your vendors can register and begin sharing information with you in a matter of minutes. Once they are on the Trust Exchange, we will keep your vendors informed about best practices in collaborative compliance, and provide ongoing support and training. We will also solicit feedback so we can continually insure that our platform is responsive to evolving business needs. If you have a question or challenge, please contact a customer success representative immediately. Vendor onboarding is the most crucial phase of the process.
Learn more about how the Trust Exchange can help your vendors help you by leveraging the power of Collaborative Compliance. Request a Demo